Hawaii Revised Statutes 386A-4 – Number, appointment, term
Terms Used In Hawaii Revised Statutes 386A-4
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the fund's board of directors. See Hawaii Revised Statutes 386A-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Fiduciary: A trustee, executor, or administrator.
- Fund: means the Hawaii state compensation mutual insurance fund. See Hawaii Revised Statutes 386A-1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- month: means a calendar month; and the word "year" a calendar year. See Hawaii Revised Statutes 1-20
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trustee: A person or institution holding and administering property in trust.
Thereafter, each director shall be appointed for a term of five years.
Upon the payment in full of the loan from the State and all interest thereon, the unexpired terms of the appointed directors shall expire, and the fund’s policyholders shall be entitled to elect all of the directors. Any other law to the contrary notwithstanding, the selection and composition of the board of directors as provided in this section shall be deemed adequate to qualify the fund as a mutual insurer under chapter 431.
No person who has any interest as a stockholder, employee, attorney, or contractor of a competing insurance carrier shall be a director.
The board may manage the fund’s assets, except to the extent that such authority to manage the fund’s assets is delegated to other qualified investment managers.
The board may appoint investment managers to manage, acquire, or dispose of any of the fund’s assets. An investment manager may be designated as an “investment agent”.
An investment manager is any fiduciary, who has been designated by the board to manage, acquire, or dispose of the fund’s assets, a bank as defined by law, or an insurance company qualified to perform services under laws of more than one state. Such investment manager shall acknowledge in writing that it is a fiduciary under the fund.
The board may, but not by way of limitation: