Informing the Legislature that on June 21, 2024, the Governor signed the following bill into law: HB2394 HD1 SD1 (ACT 069).

This bill establishes a formal process for captive insurance companies in Hawaii to become "dormant" if they have never conducted insurance business or have ceased operations with no remaining liabilities. Under the new rules, these companies must maintain at least $25,000 in capital and surplus, submit annual financial reports, and pay a $300 renewal fee every five years to keep their dormant status. While dormant, the companies are exempt from conducting insurance business, paying specific taxes, and filing detailed audits or undergoing full regulatory examinations, though they must apply for approval to reactivate their licenses before resuming operations. The legislation also updates trade name registration requirements, mandating that insurers register their business names with the Department of Commerce and Consumer Affairs before using them to sell or negotiate insurance.