SB2042 • 2026

RELATING TO INSURANCE.

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor: KEOHOKALOLE, CHANG, FUKUNAGA, KIDANI
Last action: 2026-02-06
Official status: Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

RELATING TO INSURANCE.

What This Bill Does

RELATING TO INSURANCE.
Insurance; Sponsored Captive Insurance Companies; Minimum Capital and Surplus; Reduction Reduces the unimpaired minimum capital and surplus that class 4 sponsored captive insurance companies are required to maintain.
Effective 1/1/3000.
(SD1)

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

SD1

Hawaii published version SD1

Plain English: SB2042 SD1 THE SENATE S.B.

SB2042 SD1 THE SENATE S.B.
NO.
2042 THIRTY-THIRD LEGISLATURE, 2026 S.D.
1 STATE OF HAWAII A BILL FOR AN ACT RELATING TO INSURANCE .

Bill History

2026-02-06 S
Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.
2026-02-06 S
Reported from CPN (Stand. Com. Rep. No. 2110) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.
2026-01-29 S
The committee(s) on CPN recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in CPN were as follows: 4 Aye(s): Senator(s) Keohokalole, Fukunaga, McKelvey, Awa; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Lamosao.
2026-01-28 S
The committee(s) on CPN has rescheduled its public hearing to 01-29-26 10:00AM; CR 229 & Videoconference.
2026-01-23 S
The committee(s) on CPN has scheduled a public hearing on 01-29-26 9:31AM; Conference Room 229 & Videoconference.
2026-01-22 S
Referred to CPN, WAM.
2026-01-21 S
Introduced and passed First Reading.
2026-01-14 S
Pending Introduction.

Official Summary Text

RELATING TO INSURANCE.
Insurance; Sponsored Captive Insurance Companies; Minimum Capital and Surplus; Reduction
Reduces the unimpaired minimum capital and surplus that class 4 sponsored captive insurance companies are required to maintain. Effective 1/1/3000. (SD1)

Current Bill Text

Read the full stored bill text

SB2042

THE SENATE

S.B. NO.

2042

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 431:19-104, Hawaii Revised Statutes,
is amended by amending subsection (a) to read as follows:

����
"
(a)
�

Each captive insurance company licensed pursuant to this article shall
possess and thereafter maintain unimpaired capital and surplus in the amount
established by the commissioner; provided that:

����
(1)
�
The
commissioner shall take into account the nature and volume of business
transacted by each captive insurance company, and any other factors deemed
appropriate by the commissioner;

����
(2)
�
Class
3 companies shall be subject to other applicable provisions of this chapter
that may require capital and surplus in excess of those established by the
commissioner; and

����
(3)
�
Minimum
capital and surplus established by the commissioner shall be [
no
]
not

less than the following amounts:

���������
(A)
�
Class
1 company:
�
$100,000;

���������
(B)
�
Class
2 company:
�
$250,000;

���������
(C)
�
Class
3 company:
�
$500,000;

���������
(D)
�
Class
4 company:
�
[
$500,000;
]
$100,000;
provided that the sponsored captive insurance company does not retain insurance
risk;
and

���������
(E)
�
Class
5 company:
�
An amount as determined by
the commissioner on a case by case basis.
"

����
SECTION 2.
�

Statutory material to be repealed is bracketed and stricken.
�
New statutory material is underscored.

����
SECTION 3.
�

This Act shall take effect upon its approval.

INTRODUCED BY:

_____________________________

Report Title:

Insurance;
Sponsored Captive Insurance Companies; Minimum Capital and Surplus; Reduction

Description:

Reduces
the unimpaired minimum capital and surplus that class 4 sponsored captive
insurance companies are required to maintain under certain circumstances.

The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.