HB 2347 Summary

• Establishes new article in Chapter 431 requiring insurers domiciled in Hawaii to file annual corporate governance disclosures with the insurance commissioner by June 1 each year, consistent with National Association of Insurance Commissioners model regulation.

• Creates procedures for insurers, adjusters, insurance producers, and other entities to apply to the department of commerce and consumer affairs and insurance commissioner for approval of trade names or assumed names.

• Clarifies that health insurance policies must provide reimbursement to health care providers for covered services they perform, including optometrists, dentists, psychologists, and advanced practice registered nurses working within their license scope.

• Authorizes the insurance commissioner to act as group-wide supervisor for internationally active insurance groups meeting specified criteria (operations in three countries, 10% premiums outside U.S., $50 billion in assets or $10 billion in premiums).

• Makes technical amendments to provisions governing rate filings, policy readability requirements, contraceptive coverage, recordkeeping for vehicle protection product warrantors and service contract providers, and captive insurance company requirements.