HI HB725

Temporarily imposes a 4.265% insurance premium tax on mutual benefit societies and health maintenance organizations (HMOs) offering health insurance in Hawaii from July 1, 2015, to June 30, 2017.

Exempts these entities from the tax (0.0% rate) if they do not file for any insurance plan rate increase between January 1, 2015, and June 30, 2017.

Entities that file for a rate increase after December 31, 2014, but withdraw before this Act's approval date are not deemed to have filed for a rate increase.

Requires the commissioner to establish special provisions for administration including declaration procedures, filing requirements, and collection of back taxes from entities that initially qualify for the exemption but subsequently file for a rate increase.

Repeals automatically on June 30, 2017, with the effective date of July 1, 2015.