386A-1 Definitions.

§386A-1 Definitions. As used in this chapter: “Board” means the fund’s board of directors. “Fund” means the Hawaii state compensation mutual insurance fund. [L 1985, c 296, pt of §11; am L 1989, c 277, §2]

386A-10 Administrator’s appointment and duties.

§386A-10 Administrator’s appointment and duties. The board shall appoint and may remove the fund’s administrator and fix the administrator’s salary. The administrator shall manage and conduct the fund’s business affairs under the board’s direction and policies. The administrator shall perform other duties prescribed by the board. [L 1985, c 296, pt of §11]

386A-11 Exemptions.

§386A-11 Exemptions. The fund shall be exempt from the application of title 7, title 8, and title 9, in conducting the fund’s business. [L 1985, c 296, pt of §11]

386A-12 State fund operational.

§386A-12 State fund operational. The Hawaii state compensation mutual insurance fund shall become operational upon funding by special appropriation by the legislature. [L 1985, c 296, pt of §11; am L 1989, c 277, §7]

386A-13 Insurance code applicable.

§386A-13 Insurance code applicable. The Hawaii state compensation mutual insurance fund shall be subject to the provisions of chapter 431 to the same extent and degree as any domestic provider of workers’ compensation insurance within the State. Any statutory provisions which conflict with the provisions of this chapter, as amended, shall be resolved in terms […]

386A-2 Fund’s establishment.

§386A-2 Fund’s establishment. (a) There is established a workers’ compensation state insurance fund to be known as the “Hawaii state compensation mutual insurance fund”. (b) The fund shall not be an agency of the State. The fund shall be a nonprofit independent mutual insurance corporation under the control of a board of directors. The fund […]

386A-3 Fund’s purpose.

§386A-3 Fund’s purpose. The fund’s purpose is to sell workers’ compensation insurance at the lowest actuarially responsible price as determined by the fund’s board. The fund shall commence operation upon appointment and qualification of the initial five members of the fund’s board, but the workers’ compensation insurance sold initially by the fund shall provide insurance […]

386A-4 Number, appointment, term.

§386A-4 Number, appointment, term. (a) The board shall be composed of five directors, whose term of office shall be five years, and each director shall hold office until the appointment and qualification of the director’s successor. (b) The terms of the first five directors, who shall be appointed by the governor, upon the fund becoming […]

386A-5 Board meetings.

§386A-5 Board meetings. (a) The board’s quorum to transact business shall consist of at least three directors. Unless a quorum is present, no business shall be transacted. (b) Each director shall have one vote. All board actions and decisions shall be by majority vote. (c) Directors shall determine the time and place of the board’s […]

386A-6 Limitation of liability of directors.

§386A-6 Limitation of liability of directors. If an investment manager has been appointed under this chapter, no director shall be liable for the acts or omissions of such investment manager or be under an obligation to invest or otherwise manage any assets of the fund, which are subject to management by the investment manager. [L […]

386A-7 Liability and rights of parties and third persons.

§386A-7 Liability and rights of parties and third persons. (a) Neither the State nor any policyholder nor any director or employee of the fund shall be liable to make any payments to the fund or pay any expenses of the fund, except as provided under this chapter. No policyholder shall have any right to the […]

386A-8 Termination and merger.

§386A-8 Termination and merger. (a) The fund may be terminated only by law. (b) Any assets remaining in the fund after the termination of the fund and any assets acquired or disbursed as a result of merger, consolidation, amalgamation, affiliation, exchange of credits, or otherwise, shall be used by the board solely for the purposes […]

386A-9 Governing law.

§386A-9 Governing law. The interpretation of this chapter shall be governed by the laws of Hawaii. [L 1985, c 296, pt of §11]