Bill > HB1050

This bill modifies the net solvency report filing requirements for three types of insurance organizations in Hawaii: mutual benefit societies, health maintenance organizations (HMOs), and dental insurers. The bill changes the reporting deadlines so that for the first three calendar quarters, organizations must submit their net solvency reports within 45 days after the end of each quarter, and for the fourth quarter (ending December 31), they must submit the report by March 1 of the following year. The reports must be verified by at least two principal officers and maintained at the organization's primary place of business. The commissioner of insurance may prescribe the report forms and can order examinations to ensure compliance. Organizations that fail to submit these reports will be subject to financial penalties ranging from $100 to $500 per day. The bill also makes minor linguistic adjustments, such as replacing "produce" with "submit" and standardizing the language around penalty ranges. The changes aim to standardize and clarify the reporting requirements for these insurance entities, with the provisions set to take effect on July 1, 2050.

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