Bill > SB1050

This bill modifies Hawaii's laws regarding insurance examinations for captive insurance companies by introducing a new process for obtaining a certificate of exemption from regular examinations. Specifically, captive insurance companies (except for risk retention captive insurance companies) can apply for an examination exemption if they have previously completed at least one satisfactory examination, consistently file all required reports, attest to compliance with legal requirements, and demonstrate good cause for the exemption. If approved by the Insurance Commissioner, the certificate of exemption would be valid for up to five years and can be renewed once, with the company required to undergo a new examination after the renewed certificate expires. The bill aims to provide a streamlined regulatory process for well-performing captive insurance companies by potentially reducing the frequency of mandatory comprehensive examinations while maintaining oversight. The new provisions require the company to have an officer and captive manager (a professional who manages the operations of a captive insurance company) annually confirm their compliance with legal requirements. The bill is set to take effect on July 1, 2050.

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https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=1050&year=2026