Informing the Legislature that on June 21, 2024, the Governor signed the following bill into law: SB3083 SD1 HD2 CD1 (ACT 084).

This bill, signed into law by Governor Josh Green on June 21, 2024, updates Hawaii's insurance regulations to align with national standards for financial oversight. It directly affects insurance companies and their ultimate controlling persons by requiring them to file annual enterprise risk reports and group capital calculations with state regulators. The legislation also clarifies definitions for key financial terms and establishes that certain minor financial transactions do not need to be disclosed on registration forms unless they are deemed material. These changes aim to improve the state's ability to monitor the financial stability of insurers without altering the core structure of the insurance industry.