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Hawaii Revised Statutes Division 2. Business § 431:10C-405

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) The commissioner shall establish a board of governors within the bureau to provide expertise and consultation on all matters pertaining to the operation of the bureau and the joint underwriting plan. The commissioner shall appoint members to the board, which shall be composed of:

(1) Four persons from, and members or representatives of, nationally organized insurers or their domestic insurer affiliates;

(2) One person to represent insurance producers; and

(3) Two members selected by the commissioner or nominated by each of the classifications provided for in section 431:10C-407(b).

(b) The commissioner shall provide, after consultation with the board, in the budget of the bureau, funds sufficient to reimburse each member of the board for the actual costs of transportation, overnight housing, food, and other incidental costs of attending to the business and meetings of the board. Otherwise, the members shall serve without compensation.

(c) The board shall elect its chairperson and vice chairperson annually. The first meeting of the board shall be convened by the commissioner within sixty days of the effective date of this article. Thereafter, the board shall meet at its discretion but not less frequently than quarterly.

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Cite this article: FindLaw.com - Hawaii Revised Statutes Division 2. Business § 431:10C-405 - last updated January 01, 2022 | https://codes.findlaw.com/hi/division-2-business/hi-rev-st-sect-431-10c-405/

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