Authorizes captive insurance companies to underwrite catastrophic property and casualty risks in Hawaii.

This bill allows captive insurance companies in Hawaii to underwrite, reinsure, or assume catastrophic property and casualty risks, subject to approval and supervision by the insurance commissioner. It defines "catastrophic property and casualty risk" as exposures involving severe, extraordinary, or aggregate loss. The commissioner can set minimum standards for these companies, including capital and surplus requirements, and may require reports and financial certifications. The bill aims to stabilize insurance markets and retain capacity in the state.

Authorizes captive insurance companies to underwrite catastrophic property and casualty risks in Hawaii.

This bill allows captive insurance companies in Hawaii to underwrite, reinsure, or assume catastrophic property and casualty risks, subject to approval and supervision by the insurance commissioner. It defines "catastrophic property and casualty risk" as exposures involving severe, extraordinary, or aggregate loss. The commissioner can set minimum standards for these companies, including capital and surplus requirements, and may require reports and financial certifications. The bill aims to stabilize insurance markets and retain capacity in the state.