Bill > SB2043

This bill allows captive insurance companies, which are a type of insurance company established by a parent company to insure its own risks, to apply for an exemption from routine examinations by the Insurance Commissioner, provided they are not a "risk retention captive insurance company" (a specific type of captive insurance company that insures the risks of multiple unrelated businesses). To qualify for this exemption, these captive insurance companies must have successfully undergone at least one prior examination, consistently file all required reports on time, have an officer and their captive manager attest to their compliance with regulations, and demonstrate other good reasons for the exemption. If approved, the exemption would be valid for up to five years and could be renewed once, after which another examination would be required before a new exemption could be sought. The bill also specifies that this change will take effect on January 1, 3000.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=2043&year=2026