HI SB1272

Expands risk-based capital reporting requirements to include benefit societies, mutual benefit societies, fraternal benefit societies, and health maintenance organizations, in addition to existing insurers.

Adds new definitions for "benefit society," "domestic insurer," and "health maintenance organization" to Section 431:3-401.

Establishes risk-based capital formulas for benefit societies and health maintenance organizations that account for asset risk, credit risk, underwriting risk, and other business risks, similar to property and casualty insurers.

Clarifies confidentiality protections for risk-based capital reports and prohibits their use in ratemaking proceedings, while allowing the commissioner to share information with other regulatory agencies and law enforcement.

Allows the commissioner to exempt small domestic benefit societies and health maintenance organizations from risk-based capital requirements if they write direct business in Hawaii only, assume minimal reinsurance, and maintain annual premiums or membership below specified thresholds.