THE SENATE
S.B. NO.
2044
THIRTY-THIRD LEGISLATURE, 2026
STATE OF HAWAII
A BILL FOR AN ACT
relating to insurance.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 431:19-117, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:
"(c) A dormant captive insurance company that has been issued a certificate of dormancy shall not:
(1) Conduct the business of insurance;
(2) Be subject to or liable for the payment of any tax [Underlined: on gross premiums imposed] under section [[Struck through: 431:19-116;]] [Underlined: 431:19-116(a) or any other tax of any character imposed by the laws of this State as provided under section 431:19-116(b);]
(3) Be required to file audited annual financial statements and other reports required under section 431:19-107; [[Struck through: and]]
[Underlined: (4)] [Underlined: Be subject to the requirement that its governing body hold at least one meeting each year in this State as provided under section 431:19-102(b)(2); and]
[[Struck through: (4)]] [Underlined: (5)] Be subject to examination under section 431:19-108, except for non-compliance with this section."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2026.
INTRODUCED BY:
_____________________________
Report Title:
Dormant Captive Insurance Companies; Gross Premiums Tax; Meeting Requirement; Exemption
Description:
Exempts a dormant captive insurance company that has been issued a certificate of dormancy from certain taxes and the requirement that its governing body hold at least one meeting each year in the State.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.