Bill > SB1050

This bill modifies Hawaii's insurance regulations by introducing a new process for captive insurance companies to potentially receive an exemption from regular examinations. Specifically, captive insurance companies (excluding risk retention captives) can now apply to the Insurance Commissioner for a certificate of exemption from mandatory examinations if they meet certain criteria, including having completed at least one previous examination satisfactorily, consistently filing required reports, attesting to compliance with regulatory provisions, and demonstrating good cause for the exemption. If approved, these companies can receive a certificate of exemption valid for up to five years, with the possibility of one renewal. To obtain this exemption, companies must submit an application where an officer and captive manager attest to their compliance with regulatory requirements. The commissioner retains the discretion to revoke the exemption or require an examination if deemed necessary. This change aims to potentially reduce regulatory burden for well-performing captive insurance companies while maintaining oversight of the insurance market. The bill is set to take effect on July 1, 2050.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=1050&year=2025