SB2938 Summary

• Establishes a regulatory sandbox program allowing Hawaii's insurance commissioner to approve targeted waivers, variances, or no-action letters for health insurers testing innovative insurance products, services, or technologies.

• Applicants must hold a certificate of authority to sell health insurance in Hawaii and maintain an accessible location (physical or virtual) where testing is conducted and records are maintained.

• Commissioner cannot grant approvals for solvency requirements, licensing, assigned risk plans, guaranty funds, National Association of Insurance Commissioners accreditation, taxes, fees, or other requirements deemed ineligible by the commissioner.

• Applicant information remains confidential trade secrets and is not subject to public disclosure, though the commissioner must publish notice of approved applications on the insurance division's website.

• Commissioner must submit annual reports to the legislature by the 20th day before each regular session detailing applications granted or denied, approval terms, recommendations on whether provisions should be continued or amended, and any revoked or lapsed approvals.