Hawaii SB2043 amends insurance regulations to allow for exemptions from examinations for certain captive insurance companies.
Hawaii SB2043 modifies the examination requirements for captive insurance companies. It allows the commissioner to exempt a captive insurance company from examination if it has completed at least one examination, filed all required reports, and demonstrated good cause. The exemption certificate is valid for up to five years and can be renewed. The bill also outlines the conditions under which the commissioner can grant access to information and mandates annual compliance certificates for exempted companies.
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