(a) There is created a nonprofit legal entity to be known as the Hawaii life and disability insurance guaranty association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this State. The association shall perform its functions under the plan of operation established and approved under § 431:16-210 and shall exercise its powers through a board of directors established under § 431:16-207. For purposes of administration and assessment the association shall maintain three accounts:

Terms Used In Hawaii Revised Statutes 431:16-206

  • Account: means any of the three accounts created under section 431:16-206(a). See Hawaii Revised Statutes 431:16-205
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Association: means the Hawaii life and disability insurance guaranty association created under § 431:16-206. See Hawaii Revised Statutes 431:16-205
  • State: means a state, the District of Columbia, Puerto Rico, or a United States possession, territory, or protectorate. See Hawaii Revised Statutes 431:16-205
(1) The life insurance account;
(2) The accident and health or sickness insurance account; and
(3) The annuity account.
(b) The association shall come under the immediate supervision of the commissioner and shall be subject to the applicable provisions of the insurance laws of this State. Meetings or records of the association may be opened to the public upon majority vote of the board of directors of the association.

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