SB 1484 Summary

• Amends Section 432:2-704 of Hawaii Revised Statutes to add a new exemption from insurance code requirements for certain associations organized before 1880.

• Exempts associations whose membership consists exclusively of active, retired, or honorably discharged members of the U.S. armed forces or sea services, including officers, enlisted members, and regular or reserve members.

• Requires that a principal purpose of the exempt association be providing insurance and other benefits to its members and their dependents or beneficiaries.

• Makes grammatical corrections throughout the section, changing "which" to "that" in multiple subsections.

• Becomes effective upon approval.