Haw. Code R. § 16-17-13 - Documentation required to be held by captives in Hawaii

(a) The captive shall maintain accurate, legible, and complete original, photocopied, or electronic records of the captive's operations in its principal office in Hawaii or another Hawaii location designated by the captive and approved by the commissioner. Upon the request of the commissioner to review the captive's records, the captive shall provide the commissioner timely access to the requested documents. If any document is in a foreign language, a translation under oath of the translator shall accompany the document.

(b) Each captive shall designate in writing one of its service providers to serve as the captive's representative with respect to the maintenance and production of the captive's records. The captive's designated representative shall be:

(1) Physically present in Hawaii; and

(2) Able to respond to questions about the captive, including matters related to the captive's operation, management, financial condition, investments, and insurance and reinsurance programs.

(c) All captives licensed by the State shall maintain and make ready for inspection, investigation, financial surveillance, and examination by the commissioner or the commissioner's agents any and all documents pertaining to the formation, operation, management, finances, investments, insurance, and reinsurance of each captive. These documents shall include:

(1) The captive's corporate records, including all organizational documents, resolutions, and minutes of the captive's governing body;

(2) Verification of the captive's principal place of business;

(3) Records relative to the captive's capital, surplus, assets, and liabilities, including actuarial opinions, reports of independent certified public accountants, and supporting documentation;

(4) The captive's business plan and plan of operation, including changes in management, ownership, qualifications of officers and directors, service providers, and strategic investment policy;

(5) The captive's correspondence and filings with the commissioner and insurance division staff and with other jurisdictions;

(6) All executed agreements materially affecting the captive's business, including insurance policies and reinsurance bordereau; and

(7) Any other information the commissioner deems necessary.

Notes

Haw. Code R. § 16-17-13

[Eff 5/13/91; am and comp 3/12/01] (Auth: HRS §§ 431:19-114, 431:19-115) (Imp: HRS §§ 431:19-108, 431:19-115) Am and comp 8/18/2016 Am and comp 8/17/2019