Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 75 - CEMETERIES AND FUNERAL TRUSTS
Subchapter 6 - TRUST ADMINISTRATION
Section 16-75-43 - Investment of trust funds allowable by a board of trustees

Universal Citation: HI Admin Rules 16-75-43

Current through August, 2024

(a) In addition to the investments permitted by section 441-41(b), HRS, a board of trustees may invest and re-invest the trust funds in the following enumerated securities; provided that the investment standards of section 441-41, HRS, are met:

(1) Deposits in a bank which is insured by the Federal Deposit Insurance Corporation (FDIC);

(2) Deposits in a savings and loan association which is insured by the Federal Savings and Loan Insurance Corporation (FSLIC);

(3) Certificates of deposits or other interest-bearing accounts in any bank in this State insured by the FDIC or any savings and loan association in this State insured by the FSLIC;

(4) Investment certificates or shares in any state or federally chartered savings and loan association which is federally insured;

(5) Interest-bearing bonds of the United States or any agency thereof, or of this State, or of any County in this State of which the faith of the United States, State, or County, as the case may be, is pledged; and

(6) Stocks as provided in section 441-41(b)(3), HRS.

(b) Trust funds invested in the above enumerated securities shall be insured on a cash basis by the institution or agency for the full amount of the funds. If the institution or agency insures a portion of the fund, the perpetual care and pre-need authority shall acquire additional insurance in the amount equal to or in excess of the funds held by the institution or agency. The insurance shall be in full force and effect and shall not lapse or be reduced below the full amount of the funds. The license of the cemetery and pre-need authority shall be subject to the same actions as provided in section 441-41(b)(2), HRS, for failure, refusal, or neglect to maintain in full force and effect the insurance as required by this section.

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