(a) The board of directors of the association shall consist of not less than five nor more than nine member insurers serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies on the board shall be filled for the remaining period of the term by a majority vote of the remaining board members, subject to the approval of the commissioner. To select the initial board of directors, and initially organize the association, the commissioner shall give notice to all member insurers of the time and place of the organizational meeting. In determining voting rights at the organizational meeting each member insurer shall be entitled to one vote in person or by proxy. If the board of directors is not selected within sixty days after notice of the organizational meeting, the commissioner may appoint the initial members.

Terms Used In Hawaii Revised Statutes 431:16-207

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Association: means the Hawaii life and disability insurance guaranty association created under § 431:16-206. See Hawaii Revised Statutes 431:16-205
  • Member insurer: means any insurer licensed or who holds a certificate of authority to transact in this State any kind of insurance for which coverage is provided under § 431:16-203, and includes any insurer whose license or certificate of authority in this State may have been suspended, revoked, not renewed, or voluntarily withdrawn, but does not include:

    (1) A nonprofit hospital or medical service organization;

    (2) A health maintenance organization;

    (3) A fraternal benefit society;

    (4) A mandatory state pooling plan;

    (5) A mutual assessment company or any entity that operates on an assessment basis;

    (6) An insurance exchange;

    (7) An organization that has a certificate or license limited to the issuance of charitable gift annuities; or

    (8) Any entity similar to any of the above. See Hawaii Revised Statutes 431:16-205

  • Person: means any individual, corporation, limited liability company, partnership, association, governmental body or entity, or voluntary organization. See Hawaii Revised Statutes 431:16-205
(b) In approving selections or in appointing members to the board, the commissioner shall consider, among other things, whether all member insurers are fairly represented.
(c) Members of the board may be reimbursed from the assets of the association for expenses incurred by them as members of the board of directors but members of the board shall not otherwise be compensated by the association for their services.

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