§386A-2  Fund's establishment.  (a) There is established a workers' compensation state insurance fund to be knownas the "Hawaii state compensation mutual insurance fund".

(b)  The fund shall not be an agency of theState.  The fund shall be a nonprofit independent mutual insurance corporationunder the control of a board of directors.  The fund shall pay taxes andlicense fees like other insurance carriers.

(c)  The fund's assets shall consist of realand personal property and shall include all premiums and other money paid tothe fund, and all property and other income acquired, earned, or otherwisegained by the use of premiums and other money paid to the fund, by deposits,investments, exchanges, and other transactions.  The fund's assets shall be thesole property of the fund and shall be used exclusively by the fund for theoperation and obligations of the fund.

(d)  Except for a state loan at its inception,the fund shall be self-supporting.  The fund shall repay the State for the loanwith interest within ten years.

(e)  The fund's principal office shall be inHonolulu, Hawaii.  The board may establish branch offices in other locations.[L 1985, c 296, pt of §11; am L 1989, c 277, §3]