HRS §431:6-404
Who must approve an insurer's investments
A Hawaii insurance company cannot make most investments, loans, sales, or exchanges unless its board of directors or a board-appointed committee approves them first. The committee must keep minutes and report to the board for approval. Loans on life insurance policies are exempt from this rule.
businesses
The statute, as written — Authorization of investments
No investment, loan, sale, or exchange, except a loan upon a life insurance policy, shall be made by any domestic insurer unless authorized or approved by its board of directors or by a committee charged by the board of directors, or the bylaws with the duty of making such investment, loan, sale, or exchange. The minutes of any such committee shall be recorded and reports shall be submitted to the board of directors for approval or disapproval.
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