HRS §414-248
When a company can buy insurance for its leaders
Read the official text at capitol.hawaii.gov ↗A corporation may buy insurance for its directors and officers. This covers them for legal claims made against them because of their roles, including when they serve other organizations at the company's request. The insurance can be bought even if the company could not otherwise pay their legal costs.
The statute, as written — Insurance
A copy, taken August 20, 2026. The version published by the Legislature is the one that governs, and it may have changed since. Check it before relying on anything here.
A corporation may purchase and maintain insurance on behalf of an individual who is a director or officer of the corporation, or who, while a director or officer of the corporation, serves at the corporation's request as a director, officer, partner, trustee, employee, or agent of another domestic or foreign corporation, partnership, joint venture, trust, employee benefit plan, or other entity, against liability asserted against or incurred by the director or officer in that capacity or arising from the director's or officer's status as a director or officer, whether or not the corporation would have power to indemnify or advance expenses to the director or officer against the same liability under this subpart.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.