435E-20 Death of member.
§435E-20 Death of member. In the event a participating member who is in full compliance with the trust agreement dies, the initial contribution made by the decedent shall be returned to the member’s estate or designated beneficiary; the indemnity coverage shall continue for the benefit of the decedent’s estate in respect of occurrences during the […]
435E-21 Retirement of member.
§435E-21 Retirement of member. A participating member who is then in full compliance with the trust agreement and who has reached the age of sixty-five and who has retired completely from the practice of medicine may elect to retire from the interindemnity arrangement, in which case the member shall not be responsible for assessments levied […]
435E-1 Definitions.
§435E-1 Definitions. Unless the context clearly requires otherwise: “Commissioner” means the insurance commissioner of this State. “Physician” or “surgeon” means any person licensed to practice medicine or osteopathic medicine under chapter 453; or any professional corporation, partnership, or other entity whose stockholders or partners are comprised solely of persons licensed under chapter 453. [L 1977, […]
435E-2 Cooperative indemnity.
§435E-2 Cooperative indemnity. Physicians and surgeons may, any other law to the contrary notwithstanding, form cooperative corporations for the purposes of this chapter. The members of a cooperative corporation, which shall be limited to physicians and surgeons only, may enter into unincorporated interindemnity or reciprocal contracts among themselves; provided that such contracts indemnify solely in […]
435E-3 Rules.
§435E-3 Rules. The commissioner may adopt, amend, and repeal rules necessary to implement this chapter, subject to chapter 91. [L 1977, c 182, pt of §1; am L 1982, c 203, §16]
435E-11 Trust agreement, required.
§435E-11 Trust agreement, required. (a) Each participating member shall enter into and, concurrently therewith, receive an executed copy of a trust agreement, which shall govern the collection and disposition of all funds of the interindemnity arrangement. (b) The trust agreement shall, as a minimum, provide for meeting all requirements of this part. [L 1977, c […]
435E-12 Trust corpus, contributions.
§435E-12 Trust corpus, contributions. There shall be an initial trust corpus of not less than $3,000,000 which corpus shall be a trust fund to secure enforcement of the interindemnity arrangement. The average initial contribution to such corpus shall be not less than $20,000 per member participating in the interindemnity arrangement. No such interindemnity arrangement shall […]
435E-13 Board of trustees.
§435E-13 Board of trustees. The reserve trust fund created by such trust agreement shall be administered by a board of trustees of three or more members, all of whom shall be physicians and surgeons, participating members in the interindemnity arrangement, and elected biennially or more frequently by at least a majority of all members participating […]
435E-14 Board of trustees, custodian.
§435E-14 Board of trustees, custodian. The board of trustees shall be the custodian of all funds of the interindemnity arrangement, and all such funds shall be deposited in such bank or banks and savings and loan associations in Hawaii as the board designates, and each such account shall require two or more signatories for withdrawal […]
435E-15 Funds, investment.
§435E-15 Funds, investment. All funds held in trust which are in excess of current financial needs shall be invested and reinvested from time to time, under the direction of the board of trustees, in a manner consistent with the requirements of article 8 of chapter 412, or in certificates of deposits or time deposits issued […]