S.B. 1210 Summary

• Adds new article to Chapter 431 (Hawaii Revised Statutes) adopting the National Association of Insurance Commissioners (NAIC) Corporate Governance Annual Disclosure Model Act, requiring all insurers domiciled in Hawaii to file annual corporate governance disclosures with the insurance commissioner by June 1 each year.

• Establishes confidentiality protections for corporate governance annual disclosures, prohibiting public disclosure under Chapter 92F and discovery in private civil actions, while allowing the commissioner to share information with other state, federal, and international regulatory agencies and third-party consultants under written agreements.

• Authorizes the insurance commissioner to act as group-wide supervisor for internationally active insurance groups that meet specific criteria (premiums in at least three countries, at least 10% gross premiums written outside the U.S., and assets of $50 billion or gross written premiums of $10 billion based on three-year rolling average).

• Grants the group-wide supervisor authority to assess enterprise risks, request information about governance and capital adequacy from group members, coordinate risk mitigation measures, and communicate with other regulatory agencies through supervisory colleges.

• Establishes penalties of $100-$500 per day (maximum $50,000) for insurers failing to timely file required disclosures, and directs the commissioner to adopt implementing rules by January 1, 2020, with the Act taking effect January 1, 2020.