Hawaii Administrative Code

(a) Submission of statement of actuarial opinion. (1) There is to be included on or attached to page one of the annual statement for each year beginning with the year in which this chapter becomes effective the statement of an appointed actuary, entitled "Statement of Actuarial O…

Notes Haw. Code R. § 16-169-5

Notes Haw. Code R. § 16-169-6

(a) General description. The statement of actuarial opinion submitted in accordance with this section shall consist of: (1) A paragraph identifying the appointed actuary and the actuary's qualifications (see subsection (b)(1)); (2) A scope paragraph identifying the subjects on wh…

(a) General. (1) In accordance with section 431:5-307(j), HRS, the appointed actuary shall prepare a memorandum to the company describing the analysis done in support of the actuary's opinion regarding the reserves. The memorandum shall be made available for examination by the co…

Notes Haw. Code R. § 16-169-9

(a) A risk retention captive may qualify for credit for reinsurance on risks ceded to a reinsurer if: (1) The reinsurer maintains an A- or higher A.M. Best rating or other comparable rating from a nationally recognized statistical rating organization, the reinsurer maintains a mi…

(a) A captive shall require its independent certified public accountant to immediately notify the captive's governing body or audit committee in writing of any determination by the independent certified public accountant that the captive has materially misstated its financial con…

(a) Whenever the commissioner deems the financial condition or change in business plan of a captive warrants additional security, the commissioner may require the captive to deposit with the commissioner, in trust for the captive, cash, securities approved by the commissioner, or…

(a) Each captive shall require its independent certified public accountant to make available for review by the commissioner or appointed agent work papers prepared in the conduct of the annual statement and the audit of the captive. The captive shall require that the independent …

(a) The captive shall maintain accurate, legible, and complete original, photocopied, or electronic records of the captive's operations in its principal office in Hawaii or another Hawaii location designated by the captive and approved by the commissioner. Upon the request of the…

(a) Reinsurance under this section shall be effected through a written agreement of reinsurance setting forth the terms, provisions, and conditions governing the reinsurance. (b) A risk retention captive: (1) Shall qualify for credit for reinsurance on risks ceded to a reinsurer …

(a) The captive shall provide written notice and obtain prior approval from the commissioner for any change in ownership or material change to the captive's business plan or plan of operation that was filed with the commissioner upon application or as otherwise required by statut…

(a) The commissioner may by order fine, suspend or revoke the license of a captive or any combination of these actions:(1) For any reason provided in section 431:19-109, Hawaii Revised Statutes; or (2) Pursuant to the captive's request. (b) In case of suspension or revocation, th…

(a) A captive may provide surety insurance under a business plan approved by the commissioner, provided that the captive maintains a ratio no greater than ten to one of the total value of outstanding bond obligations to unimpaired capital and surplus. For purposes of this subsect…

For purposes of this chapter: "Adverse financial condition" means one or more of the following conditions: (1) The impairment of capital resulting from an imbalance of liabilities and assets; (2) Financial ratios exceeding levels established by the commissioner, if any; or (3) Th…

Notes Haw. Code R. § 16-17-5 R 3/12/01 The amended version of this section by Hawaii Administrative Rules Listing of Filings, 2016-01, August, eff.8/18/2016 is not yet available.

(a) Each applicant captive shall pay to the commissioner a nonrefundable application fee of $1,000 for examining, investigating, and processing its license application. Upon approval of the application for a certificate of authority, the applicant captive shall pay to the commiss…

(a) Captive insurance companies subject to examination, investigation, or financial surveillance shall be responsible for the payment of expenses associated with the examination, investigation, or financial surveillance. Examination, investigation, and financial surveillance expe…

(a) Every insurer domiciled in this State shall file a report with the commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements or material new ceded reinsurance agreements affect…

(a) Materiality. No acquisitions or dispositions of assets need be reported pursuant to section 16-170-1 if the acquisitions or dispositions are not material. For purposes of this chapter, a material acquisition (or the aggregate of any series of related acquisitions during any t…

(a) Materiality and scope. (1) No nonrenewals, cancellations, or revisions of ceded reinsurance agreements or new ceded reinsurance agreements affecting in force life insurance business need be reported pursuant to section 16-170-1 if the nonrenewals, cancellations, or revisions …

As used in this chapter: "Material transaction" means an insurer's acquisition or disposition of assets or the nonrenewal, cancellation, or revision of a ceded reinsurance agreement or a new ceded reinsurance agreement affecting in force life insurance business. A material transa…

As used in this chapter: "Commissioner" means the insurance commissioner. "Enrollee" means a person covered for health insurance by the insurer. "Insured" means a person covered for insurance by the insurer. "Insurer" means a person defined as an insurer pursuant to section 431:1…

Notes Haw. Code R. § 16-171-102 R 12/26/06

(a) Upon payment in settlement of any third-party liability claim, the insurer shall provide written notice to the claimant where:(1) The claimant is a natural person; and (2) The payment is delivered to the claimant's lawyer by draft, check, or otherwise. (b) A written notice sh…

(a) Upon written request and payment of fifty dollars to a managed care plan by an enrollee or authorized representative, a managed care plan shall deliver, within ten business days of that request, to that enrollee or authorized representative data that forms the basis for the p…

Notwithstanding the need to have a plan qualified under section 393-7, HRS, a managed care plan shall file accident and health or sickness insurance contract rates with the commissioner that comply with title 24, HRS. Notes Haw. Code R. § 16-171-202 [Eff 1/1/05; comp 12/26/06; co…

The term of the license granted pursuant to articles 9 and 9A of chapter 431, HRS, and article 2 of chapter 432, HRS, shall be not less than one year and not more than three years. Notes Haw. Code R. § 16-171-301 [Eff 1/1/05; comp 12/26/06; comp 03/28/08; comp 1/22/10; comp 12/13…

(a) The day for renewal or extension of a license issued to a natural person pursuant to articles 9 and 9A of chapter 431, HRS, and article 2 of chapter 432, HRS, shall be the sixteenth day of the licensee's birth month. (b) The year for renewal or extension of a license issued p…

The term of the surplus lines broker license issued pursuant to article 8 of chapter 431, HRS, shall be the same as the licensee's producer license issued pursuant to article 9A of chapter 431, HRS. Notes Haw. Code R. § 16-171-303 [Eff 1/1/05; comp 12/26/06; comp 03/28/08; comp 1…

(a) The day for renewal or extension of a license issued to a business entity pursuant to articles 9 and 9A of chapter 431, HRS, shall be the sixteenth day of April for a nonresident licensee and the sixteenth day of July for a resident licensee. (b) The year for renewal or exten…

Prior to the issuance, renewal, or extension of a license, the licensee shall pay all applicable fees and penalties. A service fee, consisting of annual fees for each full year or partial year included in the term, shall be paid by the licensee. Notes Haw. Code R. § 16-171-305 [E…

Credits earned for a continuing education course shall be valid for twenty-four months after the course provider determines that the licensee has successfully completed all course requirements. Notes Haw. Code R. § 16-171-306 [Eff 1/1/05; comp 12/26/06: comp 03/28/08; comp 1/22/1…

Except for nonresident licensees subject to the reciprocity provisions of section 431:9A-116(b), HRS, a licensed producer who acquires an additional line of insurance through the examination process within the twenty-three months preceding the producer's renewal or extension date…

Except for nonresident licensees subject to the reciprocity provisions of section 431:9A-116(b), HRS, a licensed producer who applies to reactivate a line of authority shall fulfill the continuing education requirement for the line of authority prior to its reactivation. Notes Ha…

Failure by the designated representative to complete the continuing education requirement on behalf of the business entity shall result in the business entity's and, if applicable, the designated representative's license being automatically placed on "inactive" status. Notes Haw.…

(a) A continuing education course provider seeking approval of a continuing education course shall submit an application to the commissioner at least sixty days prior to the proposed date the course will be offered. (b) A continuing education course provider shall obtain the comm…

An applicant for licensure under article 9 or article 9A of chapter 431, HRS, or article 2 of chapter 432, HRS, shall obtain a score of seventy or higher to pass the examination. Notes Haw. Code R. § 16-171-311 [Eff 1/1/05; comp 12/26/06; comp 03/28/08; comp 1/22/10; comp 12/13/1…

The term of licensure for a managing general agent license issued pursuant to article 9C of chapter 431, HRS, shall be the same as the licensee's producer license issued pursuant to article 9A of chapter 431, HRS. Notes Haw. Code R. § 16-171-312 [Eff 1/1/05; comp 12/26/06; comp 0…

Notes Haw. Code R. § 16-171-313 R 12/13/12

The term of licensure for reinsurance intermediary broker and reinsurance intermediary manager licenses issued pursuant to article 9B of chapter 431, HRS, shall be the same as the licensee's producer license issued pursuant to article 9A of chapter 431, HRS. Notes Haw. Code R. § …

Notes Haw. Code R. § 16-171-315 R 12/13/12

The term of vehicle protection product warrantors' registrations issued pursuant to chapter 481R, HRS, shall be for not more than one year and, unless renewed, shall automatically expire on December 31 of each year. Notes Haw. Code R. § 16-171-316 [Eff 1/1/05; comp 12/26/06; comp…

The term of service contract providers' registrations issued pursuant to chapter 481X, HRS, shall be for not more than one year and, unless renewed, shall automatically expire on July 15 of each year. Notes Haw. Code R. § 16-171-317 [Eff 1/1/05; comp 12/26/06; comp 03/28/08; comp…

All licensees, registrants, and certificate holders shall provide the commissioner with an electronic mail address to receive communications from the commissioner. Communications sent to the electronic mail address shall be construed as actual notice to the licensee, registrant, …

The purpose of this subchapter is to authorize the use of the 2001 Commissioners' Standard Ordinary ("CSO") Mortality Table for the computation of the minimum reserve standard for nonforfeiture and valuation of life insurance policies and contracts. Notes Haw. Code R. § 16-171-40…