HRS §431:4-313
Who cannot be a director of a mutual insurer
This section says that holding a public office does not automatically make someone a director of a domestic mutual insurer. It also lists three situations that disqualify a person from being or acting as a director: being declared bankrupt, using an insolvency law, or making a general assignment for creditors.
The statute, as written — Directors
(a) No individual shall be a director of a domestic mutual insurer by reason of the individual's holding public office (i.e. ex officio). (b) An individual is disqualified from being or acting as a director if such person: (1) Is adjudged as a bankrupt; (2) Took the benefit of any insolvency law; or (3) Made a general assignment for the benefit of creditors.
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