SB 2950 Hawaii Senate · 2026 Regular Session

RELATING TO INSURANCE.

Summary

Authorizes captive insurance companies to underwrite, reinsure, or otherwise assume catastrophic property and casualty risks, subject to the approval and continuing supervision of the Insurance Commissioner. Allows the Commissioner to set certain minimum standards for captive insurance companies underwriting catastrophic property and casualty risk. Requires captive insurance companies underwriting catastrophic property and casualty risk to provide certain information in reports to the Commissioner. Effective 7/1/2050. (SD1)

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2026

Committee Review

Mar 2026

Senate Passage

Mar 2026

House Passage

Governor

Introduced Jan 23, 2026 Last action Mar 12, 2026

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What changed between versions

SB2950 → SB2950_SD1 · 4 edits

MODERATE

This bill updates the legislative metadata to reflect its status as a Senate committee draft (SD1) rather than the original introduction. The most significant substantive change is the extension of the bill's effective date from immediate approval to July 1, 2050, allowing time for regulatory preparation. Minor text edits were made to improve clarity and consistency in section descriptions.

Scope change

The bill's scope remains focused on regulating captive insurance companies underwriting catastrophic property and casualty risks, with no changes to eligibility criteria or funding requirements.

TIMELINE

The effective date of the Act was changed from 'upon approval' to 'July 1, 2050', delaying when the new rules take effect.

TECHNICAL

The bill title was reordered to place 'Insurance Commissioner' before 'Captive Insurance Companies' for better flow.

Section 3 was updated to use 'section 2' instead of 'sections 2' for grammatical consistency.

Minor text formatting changes were made to ensure consistent capitalization and punctuation in the summary and section headers.

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 12, 2026

Committee

Referred to CPC, referral sheet 17

lower

Mar 10, 2026

Introduced

Received from Senate (Sen. Com. No. 324) in amended form (SD 1).

lower

Mar 10, 2026

Upper · Passed

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

upper

Mar 5, 2026

Upper · Passed

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

upper

Feb 25, 2026

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, Lamosao, McKelvey, Awa; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.

upper

Feb 20, 2026

Upper · Passed

The committee(s) on CPN has scheduled a public hearing on 02-25-26 9:32AM; Conference Room 229 & Videoconference.

upper

Jan 30, 2026

Committee

Referred to CPN.

upper

Jan 23, 2026

Introduced

Introduced.

upper

3 primary · 0 co-sponsors