HRS §432:1-304
Protecting benefit payments during a society's startup
During a society's organization period, money paid for death, sickness, or other benefits must be kept in a bank or trust company, not used for expenses. If the society is not organized within one year, the money goes back to the payers. If it is organized and gets a certificate, the money is released to the society.
everyone
The statute, as written — Authority to offer death, sick, disability, or other benefits; special deposit and control of certain funds
Except as provided in this section and section 432:1-305, all regular payments received for account of death benefit, accident and health or sickness, or other benefits, during the period of organization of a society, shall not be used for the payment of any expenses of the society, but shall be placed on deposit or in trust in some bank or trust company approved by the commissioner, payable to the society but under the joint control with the commissioner. In case the organization of the society is not completed within one year, the funds shall be returned to the applicants or members who made payments of the respective amounts. If, however, the organization is completed and the commissioner issues a certificate of authority, the funds so deposited in trust, together with interest, if any, shall be released by the commissioner in favor of the society.
Sections this one refers to
§432:1-305 Limits on how benefit societies spend member money
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