HI HB1620

Amends Section 432:2-704, Hawaii Revised Statutes to add a new exemption from insurance code requirements for certain associations.

Exempts associations organized before 1880 whose membership consists of active, retired, or honorably discharged members of U.S. armed forces or sea services from insurance regulations.

Requires the association's principal purpose to be providing insurance and other benefits to members, dependents, and beneficiaries to qualify for the exemption.

Makes grammatical corrections to existing subsection (a) by replacing "which" with "that" and adding clarifying punctuation throughout.

Takes effect upon approval.