REPORT TITLE:
Captive Insurance


DESCRIPTION:
Authorizes the insurance commissioner to use moneys in the
captive insurance administrative fund to promote the State as a
captive insurance domicile.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
THE SENATE                              S.B. NO.           2561
TWENTIETH LEGISLATURE, 2000                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO INSURANCE. 


BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Section 431:19-101.8, Hawaii Revised Statutes,
 
 2 is amended by amending subsection (b) to read as follows:
 
 3      "(b)  All premium taxes collected from captive insurance
 
 4 companies licensed in this State under this article, all captive
 
 5 insurance company application fees, annual license fees, and
 
 6 examination fees collected pursuant to this article shall be
 
 7 credited to the captive insurance administrative fund.  Each
 
 8 fiscal year, the commissioner shall transfer out of the fund and
 
 9 deposit into the insurance regulation fund a total of forty per
 
10 cent of the total moneys credited to the fund in the prior fiscal
 
11 year or $250,000, whichever is greater, to pay for the
 
12 expenditures contemplated by this section.  In addition, each
 
13 fiscal year, the commissioner may expend up to ten per cent of
 
14 the total moneys credited to the fund in the prior fiscal year
 
15 for purposes of promoting Hawaii as a captive insurance domicile;
 
16 provided that the disbursements shall be subject to the approval
 
17 of the director of commerce and consumer affairs.  Subject to the
 
18 foregoing expenditure [limit,] limits, all moneys remaining in
 
19 the fund shall revert to the general fund."
 

 
Page 2                                                     
                                     S.B. NO.           2561
                                                        
                                                        

 
 1      SECTION 2.  Statutory material to be repealed is bracketed.  
 
 2 New statutory material is underscored.
 
 3      SECTION 3.  This Act shall take effect upon its approval.
 
 4 
 
 5                       INTRODUCED BY:  ___________________________