HRS §431:3G-101
Why this law exists and who it covers
This law lets the insurance commissioner get a summary of how an insurer is run, sets rules for filing that summary each year, and keeps the summary confidential. It does not create new corporate rules beyond state law, and it applies to all insurers based in Hawaii.
The statute, as written — Purpose and scope
(a) The purpose of this article is to: (1) Provide the insurance commissioner a summary of an insurer's or insurance group's corporate governance structure, policies, and practices to permit the commissioner to gain and maintain an understanding of the insurer's corporate governance framework; (2) Outline the requirements for completing a corporate governance annual disclosure with the commissioner; and (3) Provide for the confidential treatment of the corporate governance annual disclosure and related information that will contain confidential and sensitive information related to an insurer's or insurance group's internal operations and proprietary and trade secret information that, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage. (b) Nothing in this article shall be construed to prescribe or impose corporate governance standards and internal procedures beyond those required under applicable state corporate law. Notwithstanding the foregoing, nothing in this article shall be construed to limit the commissioner's authority, or the rights or obligations of third parties, under sections 431:2-303 and 431:11-107. (c) The requirements of this article shall apply to all insurers domiciled in this State.
Sections this one refers to
§431:2-303 When the insurance commissioner can check records
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.