HB1049 - Insurance Code Updates

• Chief Deputy Commissioner gains authority to perform all commissioner duties if no commissioner is appointed until an appointment becomes effective.

• Approval timeline for insurance-related requests increases from 30 to 60 calendar days; approval is deemed granted if commissioner takes no action within the extended period.

• Service of legal process fee increases from $12 to $25 per summons served on the insurance commissioner.

• Multiple insurance licensing and registration fees are adjusted, including certificate of authority ($1,800), producer's license ($100), and various other professional licenses ($150-$300).

• Life settlement contract provider and broker license provisions are eliminated; workers' compensation claim adjuster terminology updated to "claims adjuster's limited license."

• Long-term care insurance advertisements must be submitted to commissioner for compliance review; managed care plan filings may be submitted electronically or in two printed copies instead of three.

• Insurance holding company system transaction thresholds and notice requirements are clarified, with domestic insurers required to notify commissioner of investments exceeding 10% voting securities.

• Fraternal benefit society minimum deposit requirement changes from specific benefit fund multiples to 50% of minimum net worth (between $1,000,000-$20,000,000).

• Hawaii hurricane relief fund surcharge authority changes from discretionary to mandatory and clarifies surcharge procedures and fund obligations.