SB1072 Summary

• Requires applications for hearings with the insurance commissioner to be filed within 30 days of receiving notice of an adverse action.

• Changes the risk-based capital threshold for life and accident and health insurers from 2.5 times to 3 times the authorized control level in company action level events.

• Increases the maximum credit hours for approved insurance continuing education courses from 20 to 24 hours.

• Expands the standards for determining whether an insurer's operation is hazardous to policyholders and creditors, including new criteria for reserve adequacy, affiliate transactions, and corporate governance deficiencies.

• Adds authority for the insurance commissioner to require rate adjustments, business plans, and governance corrections for insurers in financial distress, and modifies requirements for foreign captive insurance companies seeking to redomesticate to Hawaii.