REPORT TITLE:
Captive Insurance


DESCRIPTION:
Authorizes the insurance commissioner to adopt administrative
rules establishing fees for captive insurance companies.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
THE SENATE                              S.B. NO.           1261
TWENTIETH LEGISLATURE, 1999                                
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 applying for a license
 
 4 under this article shall pay to the commissioner a nonrefundable
 
 5 fee [of $1,000] for examining, investigating, and processing its
 
 6 application for the license.  In addition, [it] each captive
 
 7 insurance company issued a license by the commissioner shall pay
 
 8 [a] an annual license fee for the initial year of registration
 
 9 and [a] for each annual renewal [fee for each year] thereafter
 
10 [of $300].  The amount of the application fee and the annual
 
11 license fee shall be as established in rules adopted by the
 
12 commissioner.  In addition, the commissioner may adopt rules
 
13 regarding fees for the issuance of other documents deemed
 
14 necessary or requested by captive insurance companies."
 
15      SECTION 2.  The insurance commissioner, by January 1, 2000,
 
16 shall adopt rules pursuant to chapter 91, Hawaii Revised
 
17 Statutes, establishing application, license, and other fees that
 
18 shall be paid by captive insurance company applicants and
 
19 licensees.
 

 
Page 2                                                     
                                     S.B. NO.           1261
                                                        
                                                        

 
 1      SECTION 3.  Statutory material to be repealed is bracketed.
 
 2 New statutory material is underscored.
 
 3      SECTION 4.  This Act shall take effect upon its approval;
 
 4 provided that section 1 of this Act shall take effect on
 
 5 January 1, 2000. 
 
 6 
 
 7                           INTRODUCED BY:  _______________________