REPORT TITLE:
Insurance


DESCRIPTION:
Authorizes license and renewal fees and other fees of captive
insurance companies to be set by the insurance commissioner
effective January 1, 2001. (SD1)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        1624
HOUSE OF REPRESENTATIVES                H.B. NO.           H.D. 2
TWENTIETH LEGISLATURE, 1999                                S.D. 1
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO CAPTIVE INSURANCE.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Section 431:19-102, Hawaii Revised Statutes, is
 
 2 amended by amending subsection (e) to read as follows:
 
 3      "(e)  Each captive insurance company [shall pay to the
 
 4 commissioner a nonrefundable fee of $1,000 for examining,
 
 5 investigating, and processing its application for license.  In
 
 6 addition, it shall pay a license fee for the year of registration
 
 7 and a renewal fee for each year thereafter of $300.] applying for
 
 8 a certificate of authority under this article shall pay to the
 
 9 commissioner a nonrefundable fee for examining, investigating,
 
10 and processing its application for the license.  In addition,
 
11 each captive insurance company receiving a license from the
 
12 commissioner shall pay an annual license fee for the year of
 
13 registration and for each annual renewal thereafter.  The amount
 
14 of the application fee and the annual license fee shall be set
 
15 forth in rules adopted by the commissioner.  In addition, the
 
16 commissioner may adopt rules with respect to fees for the
 
17 issuance of other documents as may be deemed necessary or
 
18 requested by captive insurance companies."
 
19      SECTION 2.  The insurance commissioner, prior to January 1,
 

 
Page 2                                                     1624
                                     H.B. NO.           H.D. 2
                                                        S.D. 1
                                                        

 
 1 2001, shall adopt rules pursuant to chapter 91, Hawaii Revised
 
 2 Statutes, setting forth the respective application, license, and
 
 3 other fees which shall be paid by captive insurance company
 
 4 applicants and licensees.
 
 5      SECTION 3.  Statutory material to be repealed is bracketed.
 
 6 New statutory material is underscored.
 
 7      SECTION 4.  This Act shall take effect upon its approval;
 
 8 provided that section 1 of this Act shall not take effect until
 
 9 January 1, 2001.