§551E-40 Insurance and annuities. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities shall authorize the agent to:
(1) Continue, pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a contract procured by or on behalf of the principal that insures or provides an annuity to either the principal or another person, whether or not the principal is a beneficiary under the contract;
(2) Procure new, different, and additional contracts of insurance and annuities for the principal and the principal's spouse, children, and other dependents, and select the amount, type of insurance or annuity, and mode of payment;
(3) Pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a contract of insurance or annuity procured by the agent;
(4) Apply for and receive a loan secured by a contract of insurance or annuity;
(5) Surrender and receive the cash surrender value on a contract of insurance or annuity;
(6) Exercise an election;
(7) Exercise investment powers available under a contract of insurance or annuity;
(8) Change the manner of paying premiums on a contract of insurance or annuity;
(9) Change or convert the type of insurance or annuity with respect to which the principal has or claims to have authority described in this section;
(10) Apply for and procure a benefit or assistance under a statute or regulation to guarantee or pay premiums of a contract of insurance on the life of the principal;
(11) Collect, sell, assign, hypothecate, borrow against, or pledge the interest of the principal in a contract of insurance or annuity;
(12) Select the form and timing of the payment of proceeds from a contract of insurance or annuity; and
(13) Pay, from proceeds or otherwise; compromise or contest; and apply for refunds in connection with a tax or assessment levied by a taxing authority with respect to a contract of insurance or annuity or its proceeds or liability accruing by reason of the tax or assessment. [L 2014, c 22, pt of §1]
Structure Hawaii Revised Statutes
Title 30. Guardians and Trustees
551E. Uniform Power of Attorney Act
551E-4 Nomination of conservator or guardian; relation of agent to court-appointed fiduciary.
551E-5 Effective date of power of attorney.
551E-6 Termination of power of attorney or agent's authority.
551E-7 Co-agents and successor agents.
551E-8 Reimbursement and compensation of agent.
551E-14 Agent's resignation; notice.
551E-15 Acceptance of and reliance upon acknowledged power of attorney.
551E-16 Liability for refusal to accept acknowledged power of attorney.
551E-17 Principles of law and equity.
551E-18 Laws applicable to financial institutions and entities.
551E-19 Remedies under other law.
551E-31 Authority that requires specific grant; grant of general authority.
551E-32 Incorporation of authority.
551E-33 Construction of authority generally.
551E-35 Tangible personal property.
551E-37 Commodities and options.
551E-38 Banks and other financial institutions.
551E-39 Operation of entity or business.
551E-40 Insurance and annuities.
551E-41 Estates, trusts, and other beneficial interests.
551E-42 Claims and litigation.
551E-43 Personal and family maintenance.
551E-44 Benefits from governmental programs or civil or military service.
551E-51 Statutory form power of attorney.
551E-52 Agent's certification.
551E-61 Uniformity of application and construction.
551E-62 Relation to Electronic Signatures in Global and National Commerce Act.