HI HB917

Amends Section 432:1-407 of Hawaii Revised Statutes to clarify minimum net worth requirements for mutual benefit societies.

Requires mutual benefit societies to maintain initial net worth of $2,000,000 before receiving a certificate of authority from the commissioner.

Specifies ongoing minimum net worth as the greater of: $2,000,000; two percent of gross annual premium revenues on the first $150,000,000 plus one percent on revenues exceeding $150,000,000; or eight percent of gross annual health care expenditures and operating expenses.

Adds the word "gross" to clarify that calculations are based on gross annual premium revenues and gross annual health care expenditures and operating expenses.

Takes effect on July 1, 2050.