Legislative record

RELATING TO INSURANCE.

Amends various provisions of title 24 of the Hawaiʻi Revised Statutes (HRS) to update and improve existing provisions. Adds a Health Insurance Administrator deputy commissioner position. Defines "dormant captive insurance company" and sets out a procedure to apply for the certificate of dormancy. Adds the term "doing business as" to "trade name" statutory references. Clarifies continuing education provider filing requirements. Clarifies reinsurance intermediary-manager filing requirements. Amends the surety bond threshold requirement for third party administrators and clarifies the audited financial statements requirements. Adopts revised National Association of Insurance Commissioners Model #880 Unfair Trade Practices Act regarding expansion of value-added products beyond health products. Aligns section 431:13-103 with changes made to article 9 of chapter 431 by Act 110, Session Laws of Hawaiʻi 2021. Amends the definitions of "controlled unaffiliated business" and "participant" as applied to captive insurance companies.