Report Title:

Insurance

Description:

Authorizes workers' compensation insurers to place surcharges on the costs of their policies under specified circumstances.

HOUSE OF REPRESENTATIVES

H.B. NO.

1759

TWENTY-SECOND LEGISLATURE, 2004

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO WORKERS' COMPENSATION INSURANCE.

 

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

SECTION 1. Section 431:14-104, Hawaii Revised Statutes, is amended by amending subsection (k) to read as follows:

"(k) The following rates shall become effective when filed:

(1) Specific inland marine rates on risks specially rated by a rating organization;

(2) Any special filing with respect to a surety or guaranty bond required by law or by court or executive order or by order or rule of a public body, not covered by a previous filing; and

(3) Any special filing with respect to any class of insurance, subdivision, or combination thereof which is subject to individual risk premium modification and has been agreed to by an insured under a formal or informal bid process.

The rates shall be deemed to meet the requirements of this article until the time the commissioner reviews the filing and so long as the filing remains in effect[.]; provided that nothing in this section shall prohibit a workers' compensation insurer from offering a workers' compensation insurance policy to an applicant subject to a surcharge on the costs of the policy if the applicant was offered a policy from the Hawaii Employers' Mutual Insurance Company that was also subject to a surcharge."

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 Statutory material to be repealed is bracketed and stricken.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.

INTRODUCED BY:

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