HI SB1050

Allows captive insurance companies (except risk retention captive insurance companies) to apply for certificates of exemption from examination by the Insurance Commissioner.

Exemption applicants must have completed at least one examination satisfactorily, timely filed all required reports, and attested to compliance with article provisions by an officer and captive manager.

The Insurance Commissioner may issue exemption certificates valid for up to five years and may revoke them for good cause.

Exemption certificates may be renewed once, with renewal applications accepted no earlier than six months before expiration; after renewal expires, companies must complete another examination before applying for a new exemption.

Effective date: July 1, 2050.