HOUSE OF REPRESENTATIVES

H.B. NO.

316

TWENTY-SIXTH LEGISLATURE, 2011

H.D. 1

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to insurance records.

 

 

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

 


     SECTION 1.  Section 431:9A-123, Hawaii Revised Statutes, is amended to read as follows:

     "§431:9A-123  Records of insurance producer.  (a)  Every insurance producer shall keep a record of all transactions consummated under the producer's license.  This record shall be in a form organized according to class of insurance and shall include:

     (1)  A record of each insurance contract procured or issued, together with the names of the insurers and insureds, the amount of premium paid or to be paid or the basis of the premium or consideration paid or to be paid, and a statement of the subject of the insurance; and

     (2)  Other and additional information as shall be customary, or as may reasonably be required by the commissioner.

     (b)  All the records as to any particular transaction shall be kept in the licensee's office and shall be available and open to the inspection of the commissioner during business hours during the five years immediately after the date of the completion of the transaction.

(c)  This section shall not apply to life or accident and health or sickness insurance if the records required of such insurance are customarily maintained in the offices of the insurer.

(d)  This section shall not apply to motor vehicle or homeowners insurance if the records required of such insurance are:

(1)  Customarily maintained in the offices of the insurer; or

(2)  Maintained electronically and are accessible by the producer and available within one business day."

SECTION 2.  New statutory material is underscored.

SECTION 3.  This Act shall take effect upon its approval.


 


 

Report Title:

Insurance; Insurance Producers; Record Requirements

 

Description:

Exempts insurance producers from keeping records of insurance transactions for motor vehicle and homeowners insurance contracts where records are customarily maintained in the offices of the insurer or maintained electronically, accessible, and available within one business day.  (HB316 HD1)

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.