HRS §386A-2
Hawaii State Compensation Mutual Insurance Fund
This section creates a state workers' compensation insurance fund as a private, nonprofit mutual insurance company, not a state agency. It must pay taxes, be self-supporting, and repay any start-up state loan with interest. Its assets belong only to the fund and are used for its operations.
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The statute, as written — Fund's establishment
(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.
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