SB 1050 Hawaii Senate · 2025 Regular Session

RELATING TO INSURANCE.

Summary

Allows captive insurance companies that are not risk retention captive insurance companies to apply to the Insurance Commissioner for certificates of exemption from examination after meeting certain requirements. Effective 7/1/2050. (SD1)

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Mar 2025

Senate Passage

Mar 2025

House Passage

Governor

Introduced Jan 17, 2025 Last action Mar 6, 2025

Maddy AI version diff · 1 comparison

What changed between versions

SB1050 → SB1050_SD1 · 4 edits

MODERATE

This bill updates the examination requirements for captive insurance companies in Hawaii, clarifying when companies can apply for exemptions from mandatory exams and establishing a renewal process. The changes also adjust the effective date of the legislation from immediate approval to July 1, 2050.

Scope change

The bill's scope remains focused on captive insurance company regulation, but clarifies eligibility criteria for examination exemptions and adds a renewal requirement for those exemptions.

ELIGIBILITY

Modified the requirements for obtaining a certificate of exemption from examination to require completion of at least one examination to the commissioner's satisfaction, timely filing of all required reports including financial statements, and attestation of compliance by an officer and captive manager.

REQUIREMENT

Added a new provision requiring captive insurance companies to complete at least one examination to the commissioner's satisfaction before applying for another certificate of exemption after the current exemption expires.

TIMELINE

Changed the effective date of the Act from immediate approval upon passage to July 1, 2050.

TECHNICAL

Added metadata and formatting information from a document tracking system, including author names, timestamps, and document revision numbers.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 6, 2025

Committee

Referred to CPC, referral sheet 19

lower

Mar 4, 2025

Introduced

Received from Senate (Sen. Com. No. 250) in amended form (SD 1).

lower

Mar 4, 2025

Upper · Passed

Passed Third Reading, as amended (SD 1). Ayes, 24; Aye(s) with reservations: none. Noes, 1 (Senator(s) Awa). Excused, 0 (none). Transmitted to House.

upper

Feb 21, 2025

Upper · Passed

The committee(s) on CPN recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in CPN were as follows: 5 Aye(s): Senator(s) Keohokalole, Fukunaga, McKelvey, Richards, Awa; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.

upper

Feb 10, 2025

Upper · Passed

The committee(s) on CPN has scheduled a public hearing on 02-14-25 9:30AM; Conference Room 229 & Videoconference.

upper

Jan 23, 2025

Committee

Referred to CPN.

upper

Jan 17, 2025

Introduced

Introduced.

upper

5 primary · 1 co-sponsor