S.B. 2774 Summary

• Adopts the NAIC's Corporate Governance Annual Disclosure Model Act effective January 1, 2020, requiring insurers domiciled in Hawaii to file annual corporate governance disclosures with the commissioner by June 1 each year, with confidential treatment of proprietary information.

• Establishes group-wide supervision authority for the insurance commissioner over internationally active insurance groups, allowing the commissioner to assess enterprise risks and coordinate with other regulators to ensure financial stability.

• Requires the Department of Commerce and Consumer Affairs and the Insurance Commissioner to jointly approve any trade name or assumed name changes for insurers, adjusters, producers, and captive insurers.

• Clarifies provider reimbursement requirements by requiring health insurers to reimburse qualified health care providers for covered services, including those provided by optometrists, psychologists, dentists, and other licensed practitioners.

• Updates rate filing procedures to require electronic submission via the NAIC's System for Electronic Rates and Forms Filing and makes various technical amendments to clarify insurance laws; most provisions effective July 1, 2050, with corporate governance and group supervision provisions effective January 1, 2020.