Haw. Code R. § 16-185-116 - Exemptions and effective dates
(a) Upon written
application of any insurer, the commissioner may grant an exemption from
compliance with any or all provisions of this chapter if the commissioner
finds, upon review of the application, that compliance with this chapter would
constitute a financial or organizational hardship upon the insurer An exemption
may be granted at any time and from time to time for a specified period or
periods Within ten days from a denial of an insurer's written request for an
exemption from this chapter, the insurer may request in writing a hearing on
its application for an exemption The hearing shall be held in accordance with
section
431:2-308,
HRS.
(b) Domestic insurers
retaining a certified public accountant on the effective date of this chapter
who qualify as independent shall comply with this chapter for the year ending
December 31, 2010, and each year thereafter unless the commissioner permits
otherwise.
(c) Domestic insurers
not retaining a certified public accountant who qualifies as independent on the
effective date of this chapter may meet the following schedule for compliance
unless the commissioner permits otherwise:
(1) As of December 31, 2010, file with the
commissioner an audited financial report; and
(2) For the year ending December 31, 2010,
and each year thereafter, such insurers shall file with the commissioner all
reports and communication required by this chapter.
(d) Foreign insurers shall comply with this
chapter for the year ending December 31, 2010, and each year thereafter, unless
the commissioner permits otherwise.
(e) The requirements of section
16-185-106(d), Hawaii Administrative Rules, shall be in effect for audits of
the year beginning January 1, 2010, and thereafter.
(f) The requirements of section 16-185-113,
Hawaii Administrative Rules, are to be in effect January 1, 2010. An insurer or
group of insurers that is not required to have independent audit committee
members or only a majority of independent audit committee members, as opposed
to a super majority, because the total written and assumed premium is below the
threshold and subsequently becomes subject to one of the independence
requirements due to changes in premium, shall have one year following the year
the threshold is exceeded, but not earlier than January 1, 2010, or the
effective date of this section, whichever is later, to comply with the
independence requirements. Likewise, an insurer that becomes subject to one of
the independence requirements as a result of a business combination shall have
one calendar year following the date of acquisition or combination to comply
with the independence requirements.
(g)
(1)
Except for risk retention captive insurers, sections 16-185-101 through 112,
and sections 16-185-114 through 118, Hawaii Administrative Rules, shall be
effective beginning with the reporting period ending December 31, 2010, and
each year thereafter.
(2) Sections
16-185-101 through 112, and sections 16-185-114 through 16-185-118, Hawaii
Administrative Rules, shall be effective for risk retention captive insurers
beginning with the reporting period ending December 31, 2011, and each year
thereafter.
(3) Section
16-185-113.1, Hawaii Administrative Rules, shall be effective January 1, 2020.
If an insurer or a group of insurers that is exempt from the section
16-185-113.1, Hawaii Administrative Rules, requirements no longer qualifies for
that exemption, it shall have one year after the year threshold is exceeded to
comply with the requirements of this chapter.
Notes
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