Bill > SB1369

This bill modifies the quarterly net solvency reporting requirements for three types of insurance organizations in Hawaii: mutual benefit societies, health maintenance organizations (HMOs), and dental insurers. The bill standardizes reporting deadlines by requiring these organizations to submit quarterly net solvency reports within 45 days after the first three calendar quarters, with a special provision that the fourth quarter report (ending December 31) must be submitted by the following March 1. The reports must be verified by at least two principal officers and maintained at the organization's primary business location. The commissioner of insurance is authorized to prescribe report forms and conduct examinations to ensure compliance. Organizations that fail to prepare or submit these reports can be penalized between $100 and $500 per day. The bill replaces some existing language around quarterly reporting, such as changing "of" to "after" and replacing "produce" with "submit" in penalty descriptions. These changes aim to clarify and standardize reporting expectations across different types of insurance organizations, with the modifications set to take effect on October 1, 2025.

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https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=1369&year=2025