Hawaii Administrative Code

(a) Technical corrections, defined as corrections in computational, clerical, or typographical errors, or other minor corrections of errors arising from oversight or omission, may be achieved by the entry of an amended decision by the arbitrator within forty-five days of the prop…

(a) The program administrator shall maintain records of each dispute submitted to the SCAP. The program administrator shall submit a written report to the regulated industries complaints office of the department on a quarterly basis, regarding the status of the program and releva…

In computing any period of time prescribed or allowed by these rules, the day of the act from which the designated period of time begins to run shall not be included. The last day of the period shall be included unless it is a Saturday, Sunday, or legal holiday, in which event th…

The department may compile on an annual basis a summary of the resolutions for each dispute submitted to the SCAP, including statistics for each manufacturer. Notes Haw. Code R. § 16-181-30 [Eff 3/3/97; comp 10/8/05] (Auth: HRS § 481I-4) (Imp: HRS § 481I-4)

(a) When an arbitrator awards a refund for a leased car, a manufacturer shall refund to the consumer the following: the cash down payment, any security deposit, all cash charges on signing the lease, all lease payments made, and all collateral and incidental charges, less a reaso…

No manufacturer, or its authorized service agent, may refuse to examine or repair any nonconformity for the purpose of avoiding responsibility under chapter 481I, HRS. Notes Haw. Code R. § 16-181-32 [Eff 3/3/97; comp 10/8/05] (Auth: HRS § 481I-4) (Imp: HRS § 481I-4)

(a) It is the responsibility of the manufacturer, its agents, distributor, or authorized dealer to provide the consumer with the written notice described in section 481I-3(g), HRS, at the time of purchase of the motor vehicle. The consumer shall receive the signed original or a s…

(a) The department may contract with an independent arbitration program for annual term appointments. The following criteria shall be considered in evaluating the suitability of independent arbitration mechanisms: capability, objectivity, experience, nonaffiliation with manufactu…

The program administrator shall provide and perform arbitration of disputes initiated pursuant to section 481I-3, HRS, as specified in the Agreement for Arbitration Services Contract entered into between the administrator and the State of Hawaii. The administrator's duties under …

The director of the department, in his or her discretion, may establish a stipend amount to be paid to the arbitrator. Notes Haw. Code R. § 16-181-6 [Eff 3/3/97; comp 10/8/05] (Auth: HRS § 481I-4) (Imp: HRS § 481I-4)

(a) The department shall prescribe and make available through the program administrator, a form entitled, "Demand for Arbitration", hereinafter referred to as "demand form". The demand form may be obtained by telephone request to the program administrator, and the completed form …

(a) A consumer who submits a demand form shall pay a filing fee in the amount of $50. The consumer shall be notified of this requirement in the demand form referenced in section 16-181-7. (b) Payment of the consumer's filing fee shall be by cash, personal check, certified check, …

The department shall prescribe and make available through the program administrator a form entitled "Manufacturer's Statement". After a case has been initiated, the program administrator shall mail the manufacturer a notification of the demand for arbitration, a copy of the consu…

(a) The insurer or group of insurers shall establish an internal audit function providing independent, objective, and reasonable assurance to the audit committee and insurer management regarding the insurer's governance, risk management, and internal controls This assurance shall…

(a) The purpose of this chapter is to improve the surveillance of the financial condition of insurers by requiring the following:(1) An annual audit of financial statements reporting the financial position and the results of operations of insurers by independent certified public …

As used in this chapter: "Accountant" or "independent certified public accountant" means a person or accounting firm licensed in good standing with the American Institute of Certified Public Accountants and in all states in which the accountant or independent certified public acc…

(a) All insurers required by this chapter to file an annual audit by an independent certified public accountant shall file an audited financial report with the commissioner on or before June 1 for the year ended December 31 immediately preceding The commissioner may require an in…

The annual audited financial report shall report the financial position of the insurer as of the end of the most recent calendar year and the results of its operations, cash flows, and changes in capital and surplus for the year then ended in conformity with statutory accounting …

(a) Each insurer required by this chapter to file an annual audited financial report shall within sixty days after becoming subject to this requirement, register with the commissioner in writing the name and address of the independent certified public accountant or accounting fir…

(a) The commissioner shall not recognize a person or firm as a qualified independent certified public accountant if the person or firm: (1) Is not in good standing with the American Institute of Certified Public Accountants and in all states in which the accountant is licensed to…

An insurer may make written application to the commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies that utilizes a pooling or one h…

(a) Financial statements furnished pursuant to section 16-185-104 shall be examined by the independent certified public accountant. (b) The audit of the insurer's financial statements shall be conducted in accordance with generally accepted auditing standards. In accordance with …

(a) The insurer required to furnish the annual audited financial report shall require the independent certified public accountant to report, in writing, within five business days to the board of directors or its audit committee, any determination by the independent certified publ…

(a) In addition to the annual audited financial report, each insurer shall furnish the commissioner with a written communication as to any unremediated material weaknesses in its internal control over financial reporting noted during the audit Such communication shall be prepared…

The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating: (a) That the accountant is independent with respect to the insurer and conforms to the standards of the accounting profession, a…

(a) Workpapers are the records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained, and the conclusions reached pertinent to the accountant's audit of the financial statements of an insurer. Accordingly, wo…

(a) This section shall not apply to foreign or alien insurers licensed in this State or an insurer that is a SOX compliant entity or a direct or indirect wholly-owned subsidiary of a SOX compliant entity. (b) The audit committee shall be directly responsible for the appointment, …

(a) No director or officer of an insurer shall, directly or indirectly: (1) Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review, or communication required under this chapter; or (2) Omit to state, or cause anot…

(a) Every insurer required to file an audited financial report that has annual direct written and assumed premiums, excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, of $500,000,000 or more shall prepare a report of the insurer's …

(a) Upon written application of any insurer, the commissioner may grant an exemption from compliance with any or all provisions of this chapter if the commissioner finds, upon review of the application, that compliance with this chapter would constitute a financial or organizatio…

(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…