REPORT Title:

Captive Insurers; Investments

Description:

Authorizes the Insurance Commissioner to approve investments of captive insurers other than pure captive insurance companies, beyond the investments specified in the general investment provisions of the Insurance Code. (SB1058 SD1)

THE SENATE

S.B. NO.

1058

TWENTY-SECOND LEGISLATURE, 2003

S.D. 1

STATE OF HAWAII

H.D. 1


 

A BILL FOR AN ACT

 

RELATING TO CAPTIVE INSURANCE.

 

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

SECTION 1. Section 431:19-110, Hawaii Revised Statutes, is amended to read as follows:

"§431:19-110 Legal investments. Each captive insurance company shall be subject to the restrictions on allowable investments provided under sections 431:6-101 to 431:6-501[, except that pure captive insurance companies may obtain approval from the commissioner for investments that are not specified in the insurance code.]; provided that the commissioner may approve other investments and investment provisions as the commissioner deems appropriate for each captive insurance company licensed under this article."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.