HMSA executives earning less HMSA seeks 7.8% hike in small-business rate
By Greg Wiles
Advertiser Staff Writer
The Hawaii Medical Service Association reported Chief Executive Officer Robert Hiam earned $1.26 million last year, or 3.4 percent less than in 2008.
The salaries of Hiam and other top executives at HMSA have come under scrutiny given the health insurerís nonprofit status. In the past, Hiam has been among the highest paid nonprofit executives in the state.
HMSA said Hiamís salary would have been less if not for incentive pay earned for HMSAís performance in three prior years.
Michael Gold, HMSA executive vice president and chief operating officer earned $953,139 in 2009, or 1.25 percent less than in 2008.
The pay for Steve Van Ribbink, executive vice president and chief financial officer was $629,833, or 0.6 percent less. Van Ribbink said compensation for HMSAís top executives will be substantially less this year, while other top managers in the company will see significant cuts to their pay.
State Insurance Commissioner J.P. Schmidt said his division does review the salaries of HMSA and other insurers to make sure it is in line with executives of similarly sized companies with similar complexities.
ďIn the past thatís been the case,Ē Schmidt said.