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Senate committee defers captive‑insurance exam exemption bill after split testimony
Summary
Lawmakers postponed SB 1050 to give regulators and industry more time to negotiate standards for exam exemptions for captive insurers; industry pushed for exemption flexibility while the insurance division warned of oversight gaps.
The Hawaii Senate Committee on Commerce and Consumer Protection on Feb. 14 deferred decision making on SB 1050, a bill that would let non‑risk‑retention captive insurance companies apply to the insurance commissioner for exemptions from on‑site examinations after meeting specified requirements.
Proponents argued the bill would reduce duplicative oversight for financially sound captives and improve Hawaii’s competitiveness as a domicile. Paul Shimamoto, president of the Hawaii Captive Insurance Council, said the proposal “acknowledges and rewards certain gold standard companies” and would allow regulators to focus resources on higher‑risk entities. Shimamoto told senators that the council…
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