HI HB2548

Adds definitions of "accumulation or payment of money" and "commissioner" (insurance commissioner) to Hawaii's prepaid legal service plan regulations.

Transfers regulatory authority from the department of commerce and consumer affairs to the insurance commissioner for oversight and approval of prepaid legal service plans.

Requires plan administrators to maintain accumulated funds in separate federally insured accounts in Hawaii and obtain bonded security approved by the commissioner.

Changes annual reporting requirement from a sworn statement to an income statement and balance sheet compiled, reviewed, or audited by a certified public accountant, with filing deadline extended from 30 to 60 days after fiscal year end.

Expands enforcement authority allowing the commissioner to deny, suspend, revoke, or refuse approval of plans and levy civil penalties for violations, including restitution under chapters 431, 432, 480, 481A, 481B, and 481C.