Authorizes the insurance commissioner to approve the investments of a captive insurance company beyond those permitted under the general investment provisions of the insurance code. (SD1)

A BILL FOR AN ACT

SECTION 1. Section 431:19-110, Hawaii Revised Statutes, is amended to read as follows:

"§431:19-110 Legal investments. Each captive insurance company shall be subject to the restrictions on allowable investments provided under sections 431:6-101 to 431:6-501, except that [pure captive insurance companies may obtain approval from] the commissioner [for investments that are not specified in the insurance code.] may approve other permitted investment provisions as the commissioner deems appropriate for each captive insurance company licensed under this article."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.