HRS §432:1-306
Deposit or bond required to offer benefits
A society must put money or a bond with the state insurance commissioner before offering death, sickness, disability, or other benefits. The deposit is at least $1,000,000 but no more than $20,000,000, or a bond for that amount. The bond must cover court judgments against the society.
businesses
The statute, as written — Authority to offer death, sick, disability, or other benefits; deposit or bond
(a) The society shall deposit with the commissioner fifty per cent of the minimum net worth requirement provided in section 432:1-407(a)(2), either in cash or in securities approved by the commissioner; provided that the deposit shall be no less than $1,000,000 and shall not exceed $20,000,000. (b) In lieu of such deposit, the society shall file with the commissioner a good and sufficient bond in the amount prescribed in subsection (a), signed by the society as principal with one or more sureties to be approved by the commissioner and running to the commissioner and the commissioner's successors in office. The bond shall be conditioned that the surety or sureties on the bond shall be answerable in the amount of the bond for all judgments, decrees or orders given, made or rendered against the principal on the bond by any court of the State for payment of money.
Sections this one refers to
§432:1-407 Financial safety rules for mutual benefit societies
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.