Haw. Rev. Stat. § 38-5

The director with the approval of the governor, shall, if in the director's judgment it appears necessary for the security of the State, require the depository to give indemnity bonds, the sureties on which shall not be interested as stockholders in the depository, to be approved by the governor and director to secure the State against the loss of any depreciation in value that may occur in the bonds held by the director as security for the safekeeping and prompt payment of the money of the State in the depository.