Report Title:

Insurance Rates

Description:

Exempts lowered rate filings from prior approval of the Insurance Commissioner.

HOUSE OF REPRESENTATIVES

H.B. NO.

214

TWENTY-THIRD LEGISLATURE, 2005

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to insurance rate regulation.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 431:14-104, Hawaii Revised Statutes, is amended by amending subsection (k) to read as follows:

"(k) The following rates shall become effective when filed:

(1) Specific inland marine rates on risks specially rated by a rating organization;

(2) Any special filing with respect to a surety or guaranty bond required by law or by court or executive order or by order or rule of a public body, not covered by a previous filing; [and]

(3) Any special filing with respect to any class of insurance, subdivision, or combination thereof which is subject to individual risk premium modification and has been agreed to by an insured under a formal or informal bid process[.]; and

(4) Rates that are lower than those in the immediately preceding set of rate filings.

The rates shall be deemed to meet the requirements of this article until the time the commissioner reviews the filing and so long as the filing remains in effect."

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 Statutory material to be repealed is bracketed and stricken.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:

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