Every association or society organized and operating under HRS Chapter 432, solely as a nonprofit medical indemnity or hospital service association or society or both shall be from the time of such organization, exempt from real property taxes on all real property owned by it.
(Sec. 8-10.9, R.O. 1978 (1983 Ed.)) (1990 Code, Ch. 8, Art. 10, § 8-10.9)