SB 2043 Hawaii Senate · 2026 Regular Session

RELATING TO INSURANCE.

Summary

Until 12/31/2031, specifies that captive insurance companies that are not risk retention captive insurance companies are subject to examination no later than five years after licensure and any additional examination at the discretion of the Insurance Commissioner. On or after 1/1/2032, subjects captive insurance companies that are not risk retention captive insurance companies to examination at least once every five years. Requires the Insurance Commissioner to submit a report to the Legislature before the Regular Session of 2031. Effective 7/1/2026. (CD1)

Bill status signed all 5 stages cleared

Introduction

Jan 2026

Committee Review

Apr 2026

Senate Passage

May 2026

House Passage

May 2026

Signed into Law

Jul 2026

Introduced Jan 14, 2026 Signed Jul 14, 2026

Maddy AI version diff · 3 comparisons

What changed between versions

SB2043_HD1 → SB2043_SD1 · 5 edits

MODERATE

This bill shifts the regulatory approach for captive insurance companies from a mandatory schedule to a flexible system. It introduces a new process allowing companies to apply for a five-year exemption from examinations if they meet specific compliance standards, while retaining the commissioner's authority to examine risk retention captives. The effective date of the act was also moved from July 1, 3000, to January 1, 3000.

Scope change

The bill expands the scope of the act by adding a formal mechanism for companies to request exemptions from routine examinations, whereas the previous version only established a fixed timeline for when exams were required.

ELIGIBILITY

Added a new provision allowing captive insurance companies (excluding risk retention captives) to apply for a certificate of exemption from examination if they have passed a prior exam, file reports on time, and attest to compliance.

REQUIREMENT

Established that exempt companies must file an annual certificate of compliance and can only renew their exemption once before needing to undergo another examination.

Revised the statutory language regarding examination frequency to clarify that exams are required every five years unless a company qualifies for an exemption or the commissioner mandates otherwise.

TIMELINE

Changed the effective date of the legislation from July 1, 3000, to January 1, 3000.

ENFORCEMENT

Extended the commissioner's examination powers from the general insurance code specifically to captive insurance companies.

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

Amendments

May 6, 2026

Lower · Passed

Passed Final Reading as amended in CD 1 with none voting aye with reservations; none voting no (0) and none excused (0).

lower

May 6, 2026

Upper · Passed

Passed Final Reading, as amended (CD 1). Ayes, 25; Aye(s) with reservations: none . 0 No(es): none. 0 Excused: none.

upper

Apr 29, 2026

Lower · Passed

Reported from Conference Committee (Conf Com. Rep. No. 46-26) as amended in (CD 1).

lower

Apr 29, 2026

Introduced

48 Hrs. Notice (as amended CD 1) 05-06-26.

upper

Apr 29, 2026

Upper · Passed

Reported from Conference Committee as amended CD 1 (Conf. Com. Rep. No. 46-26).

upper

Apr 28, 2026

Lower · Passed

The Conference Committee recommends that the measure be Passed, with Amendments. The votes were as follows: 3 Ayes: Representative(s) Matayoshi, Grandinetti, Pierick; Ayes with reservations: none; 0 Noes: none; and 0 Excused: none.

lower

Apr 28, 2026

Upper · Passed

The Conference committee recommends that the measure be PASSED, WITH AMENDMENTS. The votes of the Senate Conference Managers were as follows: 2 Aye(s): Senator(s) Keohokalole, Lamosao; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Awa.

upper

Apr 27, 2026

Upper · Passed

Conference committee meeting to reconvene on 04-28-26 2:30PM; Conference Room 224.

upper

Apr 24, 2026

Lower · Passed

Bill scheduled for Conference Committee Meeting on Monday, 04-27-26 2:30PM in conference room 224.

lower

Apr 10, 2026

Amended

Senate disagrees with House amendments.

upper

Apr 10, 2026

Introduced

Received from House (Hse. Com. No. 499).

upper

Apr 9, 2026

Lower · Passed

Passed Third Reading with none voting aye with reservations; none voting no (0) and Representative(s) Cochran excused (1). Transmitted to Senate.

lower

Mar 31, 2026

Lower · Passed

The committee on CPC recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 9 Ayes: Representative(s) Matayoshi, Grandinetti, Chun, Ilagan, Iwamoto, Kong, Marten, Tam, Pierick; Ayes with reservations: none; Noes: none; and 2 Excused: Representative(s) Ichiyama, Lowen.

lower

Feb 12, 2026

Committee

Referred to CPC, referral sheet 12

lower

Feb 6, 2026

Introduced

Received from Senate (Sen. Com. No. 3) in amended form (SD 1).

lower

Feb 6, 2026

Upper · Passed

Passed Third Reading, as amended (SD 1). Ayes, 25; Aye(s) with reservations: Senator(s) Ihara, McKelvey . Noes, 0 (none). Excused, 0 (none). Transmitted to House.

upper

Feb 4, 2026

Upper · Passed

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

upper

Jan 29, 2026

Upper · Passed

The committee(s) on CPN recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in CPN were as follows: 4 Aye(s): Senator(s) Keohokalole, Fukunaga, Awa; Aye(s) with reservations: Senator(s) McKelvey ; 0 No(es): none; and 1 Excused: Senator(s) Lamosao.

upper

Jan 28, 2026

Upper · Passed

The committee(s) on CPN has rescheduled its public hearing to 01-29-26 10:00AM; CR 229 & Videoconference.

upper

Jan 23, 2026

Upper · Passed

The committee(s) on CPN has scheduled a public hearing on 01-29-26 9:31AM; Conference Room 229 & Videoconference.

upper

Jan 22, 2026

Committee

Referred to CPN.

upper

Jan 21, 2026

Introduced

Introduced and passed First Reading.

upper

Jan 14, 2026

Introduced

Pending Introduction.

upper

1 primary · 0 co-sponsors