Bill > SB2042

This bill, effective January 1, 3000, amends existing Hawaii law to reduce the minimum unimpaired capital and surplus required for a specific type of insurance company. Specifically, it lowers the required amount for "Class 4 companies," which are a type of sponsored captive insurance company, from $500,000 to $100,000. Captive insurance companies are essentially insurance companies set up by a parent company to insure its own risks, and "sponsored" captive insurance companies allow other businesses to participate in the captive. The bill also clarifies that the minimum capital and surplus amounts established by the commissioner shall "not" be less than the specified figures for different classes of companies, replacing the word "no" with "not" for grammatical correction.

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=2042&year=2026