SB1098 Summary

• Adopts provisions from the National Association of Insurance Commissioners' Producer Licensing Model Act and related models to standardize insurance licensing procedures in Hawaii.

• Adds pharmacy benefit manager registration (issuance fee $140, annual renewal $140) and limited lines portable electronics producer license (issuance fee $5,000, annual renewal $2,500) to the fee schedule under section 431:7-101.

• Changes penalty for late license/registration renewal fees from 50% to double the unpaid renewal fee, and reduces reinstatement period from 24 months to 12 months for inactive licenses.

• Requires annual fees be paid via electronic payment through the National Association of Insurance Commissioners' Online Premium Tax system or equivalent commissioner-approved service.

• Effective January 1, 2022; makes conforming amendments to definitions of "business entity" and "individual," examination requirements for adjusters, and continuing education renewal periods.