§386A-2 Fund's establishment.

205 words·~1 min read·/hi/386a-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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 shall pay taxes and license fees like other insurance carriers.

(c)The fund's assets shall consist of real and personal property and shall include all premiums and other money paid to the fund, and all property and other income acquired, earned, or otherwise gained by the use of premiums and other money paid to the fund, by deposits, investments, exchanges, and other transactions. The fund's assets shall be the sole property of the fund and shall be used exclusively by the fund for the operation and obligations of the fund.

(d)Except for a state loan at its inception, the fund shall be self-supporting. The fund shall repay the State for the loan with interest within ten years.

(e)The fund's principal office shall be in Honolulu, Hawaii. The board may establish branch offices in other locations. [L 1985, c 296, pt of §11; am L 1989, c 277, §3]