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16 chapters · 1,757 sections in this title.
HRS §432C-1 Definitions
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§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 assets to a for-profit entity or through any other means as determined by the commissioner. The d…
HRS §432C-2 Application for conversion
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[§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 a report of the activities of the nonprofit entity and a plan for the conversion includin…
HRS §432C-3 Approval process
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[§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 commissioner's approval shall be voidable by the commissioner. (b) Prior to approval of the conv…
HRS §432C-4 Directors, officers of nonprofit entity; prohibition
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[§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 is employed by the nonprofit entity at the time the conversion a…