HOUSE OF REPRESENTATIVES
H.B. NO.
1050
THIRTY-THIRD LEGISLATURE, 2025
STATE OF HAWAII
A BILL FOR AN ACT
RELATING TO TITLE 24, HAWAII REVISED STATUTES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 432:1-407, Hawaii Revised Statutes, is amended by amending subsection (g) to read as follows:
"(g) Each domestic mutual benefit society shall prepare [Underlined: and submit] for review by the commissioner on or before the forty-fifth day [[Struck through: of]] [Underlined: after] each [[Struck through: quarter,]] [Underlined: of the first three calendar quarters, and for the fourth calendar quarter ending December 31, on or before the next March 1][Underlined: ,] a copy of its quarterly net solvency report verified by at least two principal officers. The commissioner may prescribe the forms on which the reports are to be prepared. Each domestic mutual benefit society shall maintain a copy of its current net solvency report on the premises of its primary place of business. The commissioner may order an examination, subject to article 2 of chapter 431, to determine whether a domestic mutual benefit society is in compliance with this section. Any domestic mutual benefit society that fails or refuses to prepare or [[Struck through: produce]] [Underlined: submit] for review the quarterly net solvency report as required by this subsection shall be liable for a penalty in an amount not less than $100 and not more than $500 per day."
SECTION 2. Section 432D-8, Hawaii Revised Statutes, is amended by amending subsection (g) to read as follows:
"(g) Each health maintenance organization shall prepare [Underlined: and submit] for review by the commissioner on or before the forty-fifth day [[Struck through: of]] [Underlined: after] each [[Struck through: quarter,]] [Underlined: of the first three calendar quarters, and for the fourth calendar quarter ending December 31, on or before the next March 1][Underlined: ,] a copy of its quarterly net solvency report verified by at least two principal officers. The commissioner may prescribe the forms on which the reports are to be prepared. Every health maintenance organization shall maintain a copy of its current net solvency report on the premises of its primary place of business. The commissioner may order an examination, subject to article 2 of chapter 431, to determine whether a health maintenance organization is in compliance with this section. Any health maintenance organization that fails or refuses to prepare or [[Struck through: produce]] [Underlined: submit] for review the quarterly net solvency report as required by this subsection shall be liable for a penalty in an amount not less than $100 and not more than $500 per day."
SECTION 3. Section 432G-6, Hawaii Revised Statutes, is amended by amending subsections (g) and (h) to read as follows:
"(g) Each dental insurer shall prepare [Underlined: and submit] for review by the commissioner on or before the forty-fifth day [[Struck through: of]] [Underlined: after] each [[Struck through: quarter,]] [Underlined: of the first three calendar quarters, and for the fourth calendar quarter ending December 31, on or before the next March 1,] a copy of its quarterly net solvency report verified by at least two principal officers. The commissioner may prescribe the forms on which the reports are to be prepared. Every dental insurer shall maintain a copy of its current net solvency report on the premises of its primary place of business.
(h) The commissioner may order an examination, subject to article 2 of chapter 431, to determine whether a dental insurer is in compliance with this section. Any dental insurer that fails or refuses to prepare or [[Struck through: produce]] [Underlined: submit] for review the quarterly net solvency report or any of the documents as required by this section shall be liable for a penalty pursuant to section 432G‑4(c)."
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act, upon its approval, shall take effect on October 1, 2025.
INTRODUCED BY:
_____________________________
BY REQUEST
Report Title:
Insurance; Net Solvency Report
Description:
Provides amendments to net solvency report filing requirements for mutual benefit societies, dental insurers, and health maintenance organizations. Effective 10/1/2025.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.