SB1050

Amends Hawaii insurance laws to modify examinations and reporting requirements for captive insurance companies.

This bill amends Hawaii insurance laws to modify examinations and reporting requirements for captive insurance companies. It specifies that examinations of branch captive insurance companies should focus on business underwritten in Hawaii, unless otherwise required by the commissioner. It allows for the examination of outside captive insurance companies if necessary. The bill also outlines conditions for a certificate of exemption from examination, including satisfactory completion of previous examinations and compliance with financial reporting.