Hawaii SB2042 amends insurance regulations for captive insurance companies, setting minimum capital and surplus requirements.

Hawaii SB2042 modifies the insurance regulations for captive insurance companies by setting minimum capital and surplus requirements based on the nature and volume of business. The bill specifies that Class 1 companies must maintain at least $100,000, Class 2 companies at least $250,000, and Class 3 companies at least $500,000. The commissioner can establish higher amounts for Class 3 companies if necessary. The commissioner also determines the amount for Class 5 companies on a case-by-case basis. The changes will take effect upon approval of the Act.

Hawaii SB2042 amends insurance regulations for captive insurance companies, setting minimum capital and surplus requirements.

Hawaii SB2042 modifies the insurance regulations for captive insurance companies by setting minimum capital and surplus requirements based on the nature and volume of business. The bill specifies that Class 1 companies must maintain at least $100,000, Class 2 companies at least $250,000, and Class 3 companies at least $500,000. The commissioner can establish higher amounts for Class 3 companies if necessary. The commissioner also determines the amount for Class 5 companies on a case-by-case basis. The changes will take effect upon approval of the Act.