SB 1050 Hawaii Senate · 2026 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 Dec 8, 2025

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What changed between versions

SB1050 → SB1050_SD1 · 6 edits

MODERATE

This bill updates the requirements for captive insurance companies to qualify for an exemption from regulatory examinations. It replaces a single past-examination requirement with a combination of timely financial reporting, annual compliance attestations by company officers, and a demonstration of good cause. Additionally, it introduces a specific renewal process that may require a new examination after the initial exemption period expires.

Scope change

The bill applies to captive insurance companies that are not classified as risk retention captive insurance companies.

REQUIREMENT

Replaced the requirement to have completed at least one past examination with a requirement to have completed an examination to the commissioner's satisfaction.

Added a requirement for the company and its manager to annually attest to compliance with all relevant provisions of the article.

Updated financial reporting requirements to mandate timely filing of all reports, specifically including those under section 431:19-107.

Established a new renewal process allowing for one successive renewal, with a potential requirement to complete a new examination before applying for a subsequent exemption.

TIMELINE

Removed the provision stating the act takes effect upon approval.

Set the effective date of the Act to July 1, 2050.

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 28, 2025

Upper · Passed

Report adopted; Passed Second Reading, as amended (SD 1).

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