HI SB2812

Reduces the frequency of captive insurer examinations by the Insurance Commissioner, except that Class 3 risk retention captive insurers must be examined within three years of formation.

Clarifies the types of businesses that may form a protected cell for a sponsored captive insurance company.

Aims to maintain Hawaii's position as a leading captive insurance domicile while preserving the Insurance Commissioner's regulatory authority.

Supported by the Department of Commerce and Consumer Affairs and the Hawaii Captive Insurance Council.