HRS §431:14A-110
How insurance premium rates are set
The board sets the insurance rates the company charges. Rates must be high enough to cover all claims, administrative costs, and a reasonable surplus. The board must hire a qualified actuary to help set sound rates.
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The statute, as written — Premium rates, determination
(a) The board shall establish the premium rates to be charged for insurance sold by the company. The company shall comply with the requirements set forth in article 14 of this chapter. Premium rates shall be set at levels sufficient, when invested, to carry all claims to maturity, to meet the reasonable expenses for administering the company, and to maintain a reasonable surplus. (b) The board shall hire a qualified actuary to assist with the development of sound premium rates.
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