HI SB1050

Allows captive insurance companies (except risk retention captive insurance companies) to apply to the Insurance Commissioner for a certificate of exemption from the regular examination requirement

Requires applicants for exemption to have completed at least one satisfactory examination, maintained timely filing of all required reports, and provided annual attestations of compliance from an officer and captive manager

Certificates of exemption are valid for up to five years and may be renewed once for an additional term of up to five years

After expiration of a renewed certificate, the commissioner may require completion of at least one examination before a company can apply for another exemption

Effective date of July 1, 2050