Haw. Code R. § 12-11-69 - Requirements for self-insurance
An applicant for self-insurance shall:
(1) Deposit with the State director of
finance, and keep on deposit, securities which are obligations of the United
States, or any other state, Hawaii or any of its counties, provided that the
securities were issued pursuant to law and the faith and credit of the issuing
governmental agency is pledged for their payment, in an amount acceptable to
the director, but in no event less than $2,000. Securities deposited shall be
registered in the name of "Director of Labor and Industrial Relations, State of
Hawaii". Interest paid on securities deposited with the director of finance
will be remitted to the applicant for whose account they are deposited, as long
as the applicant complies with the law and with this chapter; or,
(2) In lieu of securities and at the
discretion of the director, file with the director of finance the bond of a
surety company authorized to do business in this State, in a manner and penal
sum acceptable to the director. Each surety bond shall be undertaken and may be
enforced in the name of "Director of Labor and Industrial Relations, State of
Hawaii", or
(3) Upon furnishing
satisfactory proof to the director of the employer's solvency and financial
ability to pay the temporary disability benefits herein provided, no insurance
or security or surety bond shall be required, and the employer shall make
payments directly to the individual employees, as they become entitled to
receive the same under the terms and conditions of the statute.
Notes
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