SB2044 • 2026

RELATING TO INSURANCE.

Taxes

Active

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

Sponsor: KEOHOKALOLE, CHANG, FUKUNAGA, KIDANI
Last action: 2026-02-04
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.
Dormant Captive Insurance Companies; Gross Premiums Tax; Meeting Requirement; Exemption 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.
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: SB2044 SD1 THE SENATE S.B.

SB2044 SD1 THE SENATE S.B.
NO.
2044 THIRTY-THIRD LEGISLATURE, 2026 S.D.
1 STATE OF HAWAII A BILL FOR AN ACT RELATING TO INSURANCE .

Bill History

2026-02-04 S
Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.
2026-02-04 S
Reported from CPN (Stand. Com. Rep. No. 2108) 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.
Dormant Captive Insurance Companies; Gross Premiums Tax; Meeting Requirement; Exemption
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. Effective 1/1/3000. (SD1)

Current Bill Text

Read the full stored bill text

SB2044

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
on gross premiums imposed
under

section [
431:19-116;
]
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; [
and
]

����
(4)
�
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

���
[
(4)
]

(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.