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THE SENATE |
S.B. NO. |
1369 |
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THIRTY-THIRD LEGISLATURE, 2025 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO TITLE 24, HAWAII REVISED STATUTES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
"(g) Each domestic mutual benefit society shall
prepare and submit for review by the commissioner on or before the
forty-fifth day [of] after each [quarter,] 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.
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 [produce] 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 and submit for review by the commissioner on or before the
forty-fifth day [of] after each [quarter,] 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 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 [produce] 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 and
submit for review by the commissioner on or before the forty-fifth day [of]
after each [quarter,] 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 [produce] 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.
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INTRODUCED BY: |
_____________________________ |
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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.