Hawaii’s House/Senate conference committee cleared the way for passage by the full houses of NAIC’s Model Act on Credit for Reinsurance, to address NAIC’s recommended updates pursuant to its Solvency Modernization Initiative. The bill was adopted and became law July 8, 2014. The Committee amended prior drafts of HI SB 2821 “A Bill for an Act Relating to Insurance,” and recommended final passage of the amended version to the respective Houses. According to the Conference Committee Report, the purpose of the bill is to (1) adopt revisions to NAIC’s model laws on Credit for Reinsurance, Standard Valuation, Standard Non-Forfeiture Law for Life Insurance, and Insurance Company Holding System Act; and (2) maintain accreditation with NAIC. The Committee’s amendments included:
- Adding a definition for “domestic insurance holding company system;”
- Deleting a definition for “domestic single-state insurer;”
- Clarifications regarding the filing of financial statements;
- Specifying exemptions regarding the annual enterprise risk report;
- Permitting certain Insurance Commissioner examinations;
- Specifying obligations regarding subpoenas; and
- Creating effective dates for various parts of the measure.