Cross References
Hawaii hurricane relief fund, see chapter 431P.
§431:21-103 Creation of association. (a) There is created a nonprofit unincorporated legal entity to be known as the Hawaii Property Insurance Association. All insurers included in the definition of member insurer in section 431:21-102 shall be and remain members of the association as a condition of their authority to transact the business of insurance in this State. The association shall perform its functions under a plan of operation established and approved under section 431:21-106 and shall exercise its powers through a board of directors established under section 431:21-104.
(b) Each member insurer shall participate in the writings, expenses, profits, and losses of the association in the proportion that its net direct written premiums during the preceding calendar year bear to the net direct written premiums for all member insurers for the preceding calendar year. [L 1991, c 284, pt of §2; am L 1992, c 143, §2]
Section: Previous 431-20-121 431-20-122 431-20-123 431-20-124 431-20-125 431-21-101 431-21-102 431-21-103 431-21-104 431-21-105 431-21-105.5 431-21-106 431-21-107 431-21-108 431-21-109 NextLast modified: October 27, 2016