Title 24, Insurance

PART III. ANNUAL REQUIREMENTS AND LIMITING PROVISIONS §431:3-301 Annual and quarterly filings with commissioner. (a) Each domestic, foreign, and alien insurer that is authorized to transact insurance in this State shall file annually with the commissioner, on or before March 1 of…

§431:3-302 Annual and quarterly filings with the National Association of Insurance Commissioners. (a) Each domestic, foreign, and alien insurer that is authorized to transact insurance in this State shall file annually with the National Association of Insurance Commissioners, on …

§431:3-302.5 Annual audit. (a) Annually on or before June 1, or such later date as the commissioner upon request or for cause may specify, each domestic insurer shall file an audit by a designated independent certified public accountant or accounting firm of the financial stateme…

§431:3-303 Immunity. In the absence of actual malice, members of the National Association of Insurance Commissioners, their duly authorized committees, subcommittees, and task forces, their delegates, National Association of Insurance Commissioners employees, and all others charg…

§431:3-304 Confidentiality. All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the insurance division by the National Association of Insurance Commissioners' Insurance Regulatory Information System are confidential and may …

§431:3-304.5 Statement of actuarial opinion; property and casualty insurance; confidentiality. (a) The statement of actuarial opinion shall be provided with the annual statement in accordance with the property and casualty annual statement instruction as adopted by the National A…

§431:3-305 Accounts; records. Every insurer shall keep full and adequate accounts and records of its assets, obligations, transactions, and affairs. Every domestic insurer shall maintain said accounts and records at its principal office in this State. [L 1987, c 347, pt of §2]

§431:3-306 Limit of risk. (a) No insurer shall retain net any risk on any one subject of insurance, whether located or to be performed in this State or elsewhere, in an amount exceeding ten per cent of its surplus to policyholders. (b) For the purposes of this section, a subject …

§431:3-306.5 Residential hurricane coverage. (a) Upon written request of the commissioner by certified mail, an insurer writing the peril of residential hurricane coverage in this State shall within thirty days after receipt of the request, make accessible to the commissioner or …

§431:3-307 Free insurance. Except as otherwise provided by law, no insurer, either domestic, foreign or alien, shall issue or cause to be issued any policy of insurance of any type or description upon life or property, real or personal, whenever the policy of insurance is to be f…

§431:3-308 Alien government owned insurers. No license to transact any kind of insurance business in this State shall be issued or renewed to any foreign or alien insurer or issued or continued in effect to any domestic insurer which is owned or financially controlled by another …

§431:3-309 Disclosure of profits by insurers. All insurance companies transacting business in this State under authority provided by this code or any other provision of Hawaii law shall, within three months following the completion of the calendar year, submit to the commissioner…

PART IV. RISK-BASED CAPITAL FOR INSURERS §431:3-401 Definitions. For purposes of this part unless the context otherwise requires: "Adjusted risk-based capital report" means a risk-based capital report that has been adjusted by the commissioner in accordance with section 431:3-402…

§431:3-402 Risk-based capital reports. (a) Every domestic insurer, on or before each March 1, the filing date, shall prepare and submit to the commissioner a report of its risk-based capital levels as of the end of the calendar year just ended, in a form and containing any inform…

§431:3-403 Company action level event. (a) "Company action level event" means any of the following events: (1) The filing of a risk-based capital report by an insurer which indicates that: (A) The insurer's total adjusted capital is greater than or equal to its regulatory action …

§431:3-404 Regulatory action level event. (a) "Regulatory action level event" means, with respect to any insurer, any of the following events: (1) The filing of a risk-based capital report by the insurer which indicates that the insurer's total adjusted capital is greater than or…

§431:3-405 Authorized control level event. (a) "Authorized control level event" means any of the following events: (1) The filing of a risk-based capital report by the insurer which indicates that the insurer's total adjusted capital is greater than or equal to its mandatory cont…

§431:3-406 Mandatory control level event. (a) "Mandatory control level event" means any of the following events: (1) The filing of a risk-based capital report which indicates that the insurer's total adjusted capital is less than its mandatory control level risk-based capital; (2…

§431:3-407 Hearing. (a) The insurer shall have the right to a hearing pursuant to chapter 91 upon being notified of any of the following: (1) Notification to an insurer by the commissioner of an adjusted risk-based capital report; (2) Notification to an insurer by the commissione…

§431:3-408 Confidentiality and prohibition on announcements; prohibition on use in ratemaking. (a) All risk-based capital reports, to the extent the information contained in the report is not required to be set forth in a publicly available annual statement schedule, and risk-bas…

§431:3-409 Supplemental provisions; rules; exceptions. (a) This part is supplemental to any other laws of this State, and shall not preclude or limit any other powers or duties of the commissioner under those laws, including but not limited to article 15. (b) The commissioner may…

§431:3-410 Foreign insurers. (a) Any foreign insurer, upon the written request of the commissioner, shall submit to the commissioner a risk-based capital report as of the end of the calendar year just ended by the later of: (1) The date a risk-based capital report would be requir…

[§431:3-411] Severability. If any provision of this part, or the application thereof to any person or circumstance, is held invalid, such determination shall not affect the provisions or application of this part which can be given effect without the invalid provision or applicati…

[§431:3-412] Notices. All notices by the commissioner to an insurer which may result in regulatory action hereunder shall be effective upon dispatch if transmitted by registered or certified mail or, in the case of any other transmission, shall be effective upon the insurer's rec…

§431:3-413 Phase-in provision. (a) For risk-based capital reports required to be filed by life or health insurers with respect to 1994, the following requirements shall apply in lieu of sections 431:3-403, 431:3-404, 431:3-405, and 431:3-406: (1) In the event of a company action …

[§431:3-414] Immunity. There shall be no liability on the part of, and no cause of action shall rise against, the State, the commissioner, or the insurance division or its employees, agents, or independent contractors for any action taken by them in the performance of their power…

[ARTICLE 30] INTERSTATE INSURANCE PRODUCT REGULATION COMPACT [§431:30-101] Scope. (a) The interstate insurance product regulation compact is intended to help states join together to establish an interstate compact to regulate designated insurance products. Pursuant to the terms a…

§431:30-102 Definitions. As used in this article, the following definitions apply: "Advertisement" means any material designed to create public interest in a product, or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace, or retain a policy,…

[§431:30-103] Establishment of the commission and venue. (a) The compacting states hereby create and establish a joint public entity known as the interstate insurance product regulation commission. Pursuant to section 431:30-112, the commission may develop uniform standards for p…

[§431:30-104] Powers of the commission. The commission may: (1) Adopt rules pursuant to section 431:30-112, which shall have the force and effect of law and shall be binding in the compacting states to the extent and in the manner provided in this article; (2) Exercise its rulema…

[§431:30-106] Membership; voting; bylaws. (a) Each compacting state shall have and be limited to one member. Each member shall be qualified to serve in such capacity under or pursuant to the applicable law of the compacting state. Any member may be removed or suspended from offic…

§431:30-107 Management committee; officers and personnel. (a) A management committee comprising no more than fourteen members shall be established as follows: (1) One member from each of the six compacting states with the largest premium volume for individual and group annuities,…

[§431:30-108] Legislative and advisory committees. (a) A legislative committee comprising state legislators or their designees shall be established to monitor the operations of, and make recommendations to, the commission including the management committee; provided that the mann…

[§431:30-109] Corporate records of the commission. The commission shall maintain its corporate books and records in accordance with the bylaws. [L 2004, c 104, pt of §2]

[§431:30-110] Qualified immunity; defense; indemnification. (a) The members, officers, executive director, employees, and representatives of the commission shall be immune from suit and liability, either personally or in their official capacity, for any claim for damage to or los…

[§431:30-111] Meetings and acts of the commission. (a) The commission shall meet and take such actions as are consistent with the provisions of this compact and the bylaws. (b) Each member of the commission may cast a vote to which that compacting state is entitled and to partici…

§431:30-112 Rules and operating procedures; rulemaking functions of the commission and rejection of uniform standards. (a) The commission shall adopt reasonable rules, including uniform standards, and operating procedures to effectively and efficiently achieve the purposes of thi…

[§431:30-113] Commission records and enforcement. (a) The commission shall adopt rules establishing conditions and procedures for public inspection and copying of its information and official records, except information and records involving the privacy of individuals and insurer…

[§431:30-114] Dispute resolution. The commission, upon the request of a member, shall attempt to resolve any disputes or other issues that are subject to this compact and that may arise between two or more compacting states, or between compacting states and noncompacting states, …

[§431:30-115] Product filing and approval. (a) Insurers and third-party filers seeking to have a product approved by the commission shall file such product with, and pay applicable filing fees to, the commission. Nothing in this article shall be construed to restrict or otherwise…

[§431:30-116] Review of commission decisions regarding product filings. (a) Not later than thirty days after the commission has given notice that it has disapproved a product or advertisement filed with the commission, the insurer or third party filer whose filing was disapproved…

[§431:30-117] Finance. (a) The commission shall pay or provide for the payment of the reasonable expenses of its establishment and organization. To fund the cost of its initial operations, the commission may accept contributions and other forms of funding from the National Associ…

[§431:30-118] Compacting states; effective date; amendment. (a) Any state is eligible to become a compacting state. (b) The compact shall become effective and binding upon legislative enactment of the compact into law by two compacting states; provided the commission shall become…

§431:30-119 Withdrawal. (a) Once effective, the compact shall continue in force and remain binding upon each and every compacting state; provided that a compacting state may withdraw from the compact ("withdrawing state") by enacting a statute specifically repealing the statute t…

[§431:30-120] Default. (a) If the commission determines that any compacting state has at any time defaulted ("defaulting state") in the performance of any of its obligations or responsibilities under this compact, the bylaws or duly adopted rules or operating procedures, then, af…

[§431:30-121] Dissolution of compact. (a) The compact dissolves effective upon the date of the withdrawal or default of the compacting state that reduces membership in the compact to one compacting state. (b) Upon the dissolution of this compact, the compact shall be void and sha…