Hawaii Administrative Code

(a) In the case of Canadian and British insurers, the annual audited financial report shall be defined as the annual statement of total business on the form filed by such companies with their supervision authority duly audited by an independent chartered accountant. (b) For such …

If any section or portion of a section of this chapter or its applicability to any person or circumstance is held invalid by a court, the remainder of the chapter or the applicability of the provision to any other person or circumstance shall not be affected Notes Haw. Code R. § …

The purpose of these rules is to set forth the procedures for filing and the required contents of the corporate governance annual disclosure, deemed necessary by the Commissioner and authorized by sections 431:2-201 and 431:3G-104. Notes Haw. Code R. § 16-186-101 [Eff 12/30/2019]…

For purposes of this chapter: "Commissioner" means the insurance commissioner of the State. "Insurance group" means the insurers and affiliates included within an insurance holding company system as defined in section 431:11-102, HRS. "Insurer" shall have the same meaning as set …

(a) An insurer, or the insurance group of which the insurer is a member, required to file a corporate governance annual disclosure by section 431:3G-103, HRS, shall, no later than June 1 of each calendar year, submit to the Commissioner a corporate governance annual disclosure th…

(a) The insurer or insurance group shall be descriptive as possible in completing the corporate governance annual disclosure, with inclusion of attachments or example documents that are used in the governance process, since these may provide a means to demonstrate the strengths o…

If any provision of these regulations, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect other provisions or applications of these regulations which can be given effect without the invalid provision or application, and …

The purpose of this chapter is to conform to national standards governing reserve financing arrangements pertaining to life insurance policies containing guaranteed nonlevel gross premiums, guaranteed nonlevel benefits and universal life insurance policies with secondary guarante…

This chapter shall apply to reinsurance treaties that cede liabilities pertaining to covered policies, as that term is defined in section 16-187-104, issued by any life insurance company domiciled in this state. This chapter and chapter 168, shall both apply to such reinsurance t…

This chapter shall not apply to the following: (1) Reinsurance of: (A) Policies that satisfy the criteria for exemption set forth in section 16-171-905(f) or (g); and which are issued before the later of:(i) The effective date of this chapter, and (ii) The date on which the cedin…

For the purposes of this chapter: "Actuarial method" means the methodology used to determine the required level of primary security, as described in section 16-187-105. "Covered policies" means the following: subject to the exemptions described in section 16-187-103, covered poli…

(a) The actuarial method to establish the required level of primary security for each reinsurance treaty subject to this chapter shall be VM-20, applied on a treaty-by-treaty basis, including all relevant definitions, from the valuation manual as then in effect, applied as follow…

For the purposes of both calculating the required level of primary security pursuant to the actuarial method and determining the amount of primary security and other security, as applicable, held by or on behalf of the ceding insurer, the following shall apply: (1) For assets, in…

(a) Subject to the exemptions described in section 16-187-103 and the provisions of subsection (b), credit for reinsurance shall be allowed with respect to ceded liabilities pertaining to covered policies pursuant to sections 431:4A-101 and 431:4A-102, HRS, if, and only if, in ad…

If any provision of this chapter is held invalid, the remainder shall not be affected. Notes Haw. Code R. § 16-187-108 [Eff 7/28/2022] (Auth: HRS §§ 431:2-201, 431:4A-104) (Imp: HRS §§ 431:4A-101 through 431:4A-104)

No insurer that has covered policies as to which this chapter applies (as set forth in section 16-187-102) shall take any action or series of actions, or enter into any transaction or arrangement or series of transactions or arrangements if the purpose of such action, transaction…

(a) In order to qualify for the credit in section 431:7-, HRS, an insurer must meet each of the following criteria at all times during the taxable year for which the credit is claimed. (1) The insurer is authorized to do business in Hawaii by the insurance commissioner; (2) The i…

The commissioner recognizes that life and health insurers routinely enter into reinsurance agreements that yield legitimate relief to the ceding insurer from strain to surplus. The commissioner has, however, become aware that some reinsurance agreements have been created for the …

This chapter shall apply to all domestic life and health insurers and to all other licensed life insurers which are not subject to a substantially similar regulation in their domiciliary state. This chapter shall also apply to licensed property and casualty insurers with respect …

(a) No insurer subject to this chapter shall, on account of reinsurance ceded, reduce any liability or establish any asset in any financial statement filed with the commissioner if the terms of the reinsurance agreement, in substance or effect, provide for any of the following co…

(a) No reinsurance agreement, amendment, or binding letter of intent to any agreement may be used to reduce any liability or to establish any asset in any financial statement filed with the commissioner unless the agreement, amendment, or binding letter of intent has been duly ex…

Insurers subject to this chapter shall have until December 31, 1994, to reduce to zero any reserve credits or assets established for reinsurance agreements entered into before the effective date of this chapter which, under the provisions of this chapter, would not be entitled to…

As used in these rules "director" means the director or acting director of the office of consumer protection. Notes Haw. Code R. § 16-301-1 [Eff 6/19/81] (Auth: HRS §§ 487-2, 487-5) (Imp: HRS §§ 487-2, 487-5)

(a) All public records, as defined in section 92-50, Hawaii Revised Statutes, shall be available for inspection in the office of consumer protection during regular business hours. (b) Any person may obtain information on matters within the jurisdiction of the office of consumer p…

(a) The rules adopted, amended, or repealed by the director shall be made in accordance with chapter 91, Hawaii Revised Statutes. (b) Any interested person may petition the director for the adoption, amendment, or repeal of any rule of the office. The petition shall be submitted …

(a) Any person may petition the director for a declaratory ruling as to the applicability of any statutory provision enforced by the director or of any rule or order of the director. (b) The petition shall be submitted in duplicate to the office of consumer protection. The petiti…

Inquiries and investigations are conducted pursuant to the various consumer protection statutes enacted by the legislature, including chapter 487, Hawaii Revised Statutes. Notes Haw. Code R. § 16-302-1 [Eff 6/19/81] (Auth: HRS §§ 487-5, 487-9) (Imp: HRS §§ 487-5, 487-9)

Any person or business organization under investigation which is compelled or requested to furnish information or documentary evidence shall be notified of the purpose and scope of the investigation. Notes Haw. Code R. § 16-302-2 [Eff 6/19/81] (Auth: HRS §§ 487-5, 487-9) (Imp: HR…

(a) The director of the office of consumer protection or a duly delegated staff member may issue a subpoena, directing the person named therein to appear before a designated representative at a designated time and place to testify or to produce documentary evidence, or both, rela…

(a) Investigational hearings shall be presided over by the director or a designated representative, for the purpose of hearing testimony of witnesses and receiving exhibits, documents, and other data relating to any subject under investigation. (b) Such hearings may be stenograph…

Any person compelled to submit documents or data or to testify in an investigational hearing shall be entitled to retain a copy or on payment of costs thereof, procure a copy of any document submitted by the person, and in the instance of stenographically reported hearings, may i…

(a) Any witness compelled to appear in person in an investigational hearing may be accompanied, represented, and advised by counsel. (b) Counsel for a witness may advise the witness in confidence with respect to any question asked of the witness. If counsel has advised the witnes…

(a) This chapter is adopted to assist consumers and business persons by: (1) Defining certain acts and practices which violate section 480-2, Hawaii Revised Statutes; (2) Protecting consumers from unscrupulous individuals and businesses engaging in unfair or deceptive acts or pra…

Notes Haw. Code R. § 16-303-10

If any provision of these rules, or the application thereof to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of these rules which can be given effect without the invalid provision or application, and to this end the pr…

As used in this chapter: "Advertisement" means any oral, written, or graphic statement or representation made by or at the request of the seller; "Merchandise" means any objects, wares, food, goods, commodities, or services; "Price comparison" means the direct comparison in any a…

(a) Consumers rightfully expect that whenever the seller uses the word "sale" in any advertisement, the seller is offering to sell the advertised merchandise at a price which is less than the seller's regular price. It is the express intent of this section to prohibit the practic…

(a) It shall be an unfair or deceptive act or practice for any seller to advertise "free" merchandise in connection with the sale of other merchandise except in conformity with this section. When the consumer is told that merchandise is "free" if other merchandise is purchased, t…

(a) Price comparison advertising is a form of advertising in which current prices are compared with former or future pricesor other stated values to demonstrate price reductions or cost savings. While price comparisons accurately reflecting market values in the trade area provide…

(a) Consumers rightfully expect advertisements of merchandise to represent a bona fide intent to make such merchandise available to all those attracted to the place of business to purchase the advertised merchandise, unless the advertisement discloses that quantities of such merc…

The director of the office of consumer protection or a representative may require persons whose conduct is governed by this chapter to submit a report in writing setting forth information on which an advertisement within the scope of this chapter was based. The report shall be su…

Any person, firm, company, association, or corporation violating any provision of this chapter shall be fined a sum of not less than $500 nor more than $10,000 for each violation. The civil penalties shall be collected in a civil action brought by the director of the office of co…

An expert witness is a person who by virtue of experience, training, or education, possesses scientific, technical, or other specialized knowledge which will assist the office of consumer protection in investigating or in preparing for or presenting evidence to a trier of fact. N…

(a) An expert witness shall receive compensation in an amount which is reasonable for a person in the community of comparable experience, training, or education who performs the same or similar services. (b) The office of consumer protection and the expert witness shall agree upo…

Any witness other than an expert witness who is subpoenaed to testify at a trial or other court proceeding by the office of consumer protection and who attends the trial or court proceeding, may receive compensation in the amount provided for in section 607-12, Hawaii Revised Sta…

As used in this chapter: "Commissioner" means the commissioner of financial institutions of this State. "Credit union" means a cooperative, nonprofit association, chartered under chapter 412, Hawaii Revised Statutes, for the purposes of encouraging thrift among its members, creat…

Notes Haw. Code R. § 16-31-10 R 8/12/02

Notes Haw. Code R. § 16-31-11 R 8/12/02

(a) The board of directors of each credit union shall review at least annually the bond coverage in force in order to ascertain the adequacy of the coverage in relation to the exposure and to the minimum requirements fixed from time to time by the commissioner or by applicable la…

Notes Haw. Code R. § 16-31-13 R 8/12/02