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



(b)  The fund shall not be an agency of the
State.  The fund shall be a nonprofit independent mutual insurance corporation
under the control of a board of directors.  The fund shall pay taxes and
license fees like other insurance carriers.



(c)  The fund's assets shall consist of real
and personal property and shall include all premiums and other money paid to
the fund, and all property and other income acquired, earned, or otherwise
gained 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 the
sole property of the fund and shall be used exclusively by the fund for the
operation 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 loan
with interest within ten years.



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