HRS §431:3-106
What a mutual insurer is
A mutual insurer is a type of insurance company that has no shareholders. Instead, the people who buy policies from it are its owners and are called members. These members elect the company's board of directors.
The statute, as written — Mutual insurer
A mutual insurer means an incorporated insurer without capital stock, the governing body of which is elected by its policyholders. The policyholders, who are the insurer's owners, are known as members.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.