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HI SB524

Bill

Official Source

Status

Engrossed

3/5/2024

Primary Sponsor

Dru Kanuha

Click for details

Origin

Senate

2024 Regular Session

AI Summary

  • Amends Hawaii Revised Statutes Section 431:2-201(c) to add a new subsection (6) granting the Insurance Commissioner authority to require pre-approval for any salary increase granted to insurer employees earning over $1,000,000.

  • Establishes new oversight mechanism for executive compensation at insurers operating in Hawaii, citing concerns about tax breaks, executive compensation, and employee layoffs.

  • Takes effect on July 1, 2040.

Legislative Description

Relating To Business Regulation.

Insurance

Last Action

Referred to CPC, JHA, FIN, referral sheet 16

3/7/2024

Committee Referrals

Consumer Protection & Commerce3/7/2024
Commerce and Consumer Protection1/25/2023

Full Bill Text

No bill text available