HI HB1052

Amends Hawaii's insurance code to comply with the federal Nonadmitted and Reinsurance Reform Act of 2010 regarding surplus lines insurance regulations.

Expands the definition of "state" and "United States" to include the Northern Mariana Islands and establishes new definitions for surplus lines insurance terms including "exempt commercial purchaser," "home state," and "multi-state risk."

Removes the requirement for surplus lines brokers to conduct due diligence searches for authorized insurers when placing insurance for exempt commercial purchasers, provided the purchaser is informed and requests the unauthorized insurance in writing.

Changes surplus lines insurance premium tax filing and payment schedules from annual (by March 15) to quarterly (within 45 days of quarter-end) beginning July 1, 2011, and requires separate itemization of taxes and fees by state.

Authorizes the insurance commissioner to enter into multi-state cooperative agreements for collecting, allocating, and distributing surplus lines insurance premium taxes and fees to other states where coverage is provided.