§432:1-301 - Registration with commissioner: certificate of registration and authorization to solicit members. - Hawaii Statutes

PART III.  AUTHORITY TO OFFER BENEFITS

 

     §432:1-301  Registration with commissioner:  certificate of registration and authorization to solicit members.  (a)  Before doing business or engaging in any act, any society as defined in section 432:1-104(2) shall file with the commissioner:

     (1)  Copies of its constitution or organic instrument under which it purports to operate, and the bylaws, and rules and regulations, if any;

     (2)  If a society promising or offering to pay death, sick, disability, or other benefits in an amount equal to or in excess of $25:

         (A)  Copies of all proposed forms of benefit certificates, applications and circulars to be issued by the society; and

         (B)  A bond in the sum of $25,000 with sureties approved by the commissioner.  The bond shall be conditioned upon the return of the advance payments referred to in section 432:1-304, if the organization is not completed within one year; and

     (3)  Any additional information as the commissioner may require.

     (b)  Upon the filing of the information required by subsection (a), if it appears to the commissioner's satisfaction that the purposes of the society are lawful, the commissioner shall issue a certificate registering the society and licensing it to operate in the State.

     (c)  In the case of any society offering or promising to pay death, sick, disability, or other benefits in an amount equal to or in excess of $25, if the commissioner is satisfied that the purposes of the society are not for profit but for the benefit of its members, the commissioner shall authorize the society to solicit members as provided in section 432:1-303. [L 1987, c 347, pt of §2; am L 2004, c 122, §86]