Hawaii Revised Statutes 432:1-306 – Authority to offer death, sick, disability, or other benefits; deposit or bond

(a) The society shall deposit with the commissioner fifty per cent of the minimum net worth requirement provided in section 432:1-407(a)(2), either in cash or in securities approved by the commissioner; provided that the deposit shall be no less than $1,000,000 and shall not exceed $20,000,000.

Terms Used In Hawaii Revised Statutes 432:1-306

Net worth: means the excess of total admitted assets over total liabilities, but the liabilities shall not include fully subordinated debt. See Hawaii Revised Statutes 432:1-406
Society: means mutual benefit society. See Hawaii Revised Statutes 432:1-406

(b) In lieu of such deposit, the society shall file with the commissioner a good and sufficient bond in the amount prescribed in subsection (a), signed by the society as principal with one or more sureties to be approved by the commissioner and running to the commissioner and the commissioner’s successors in office. The bond shall be conditioned that the surety or sureties on the bond shall be answerable in the amount of the bond for all judgments, decrees or orders given, made or rendered against the principal on the bond by any court of the State for payment of money.

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Hawaii Revised Statutes 432:1-306 – Authority to offer death, sick, disability, or other benefits; deposit or bond

Terms Used In Hawaii Revised Statutes 432:1-306

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