Hawaii Revised Statutes 432c. Nonprofit Entities; Conversion of Assets

• 432c-1 Definitions.
  As used in this chapter: "Commissioner" means the insurance commissioner. "Conversion" means the transfer or sale of a significant amount of a nonprofit entity's...
• 432c-2 Application for Conversion.
  (a) A nonprofit entity shall file an application with the commissioner at least six months prior to a proposed conversion. The application shall include...
• 432c-3 Approval Process.
  (a) No nonprofit entity may engage in a conversion without prior approval of the application for conversion by the commissioner. Any conversion without the...
• 432c-4 Directors, Officers of Nonprofit Entity; Prohibition.
  (a) Directors or officers of a nonprofit entity are prohibited from directly benefiting from the conversion. (b) No officer of the nonprofit entity who...
• 432c-5 Transfer of Assets to Other Nonprofit Entities.
  The commissioner shall determine prior to any conversion, the nonprofit entities, if any, that are eligible to receive assets from the converting nonprofit entity....
• 432c-6 For-Profit Entity; After Conversion.
  After conversion, the for-profit entity shall not be subject to this chapter, but if a stock insurance company, shall be in conformance with title...
• 432c-7 Judicial Review.
  Any final order or action by the commissioner may be subject to judicial review by the circuit court. [L 1998, c 260, pt of

Last modified: October 27, 2016