Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 17 - CAPTIVE INSURANCE COMPANIES
Section 16-17-11.1 - Risk-based capital regulatory action guidelines for risk retention captives

Universal Citation: HI Admin Rules 16-17-11.1

Current through November, 2023

Risk retention captives subject to the risk-based capital requirements pursuant to sections 431:3-401 to 431:3-408, Hawaii Revised Statutes, may petition the commissioner to waive any risk-based capital regulatory action requirement if the risk retention captive can demonstrate, by filing five years of projected pro forma financial statements of the risk retention captive, that any of the following exists:

(1) The financial condition and support of the risk retention captive members or sponsoring organization or both is evidenced by the members or sponsoring organization or both maintaining:

(A) An investment grade rating from a nationally recognized statistical rating organization, or an A.M. Best rating A- or higher; or

(B) Equity equal to or greater than $100 million, or equity equal to or greater than twenty times the risk retention captive's largest net retained per occurrence limit, as evidenced by the filing of at least the five most recent years of audited financial statements of the members or sponsoring organization, or both.

(2) The risk retention captive's certificate of authority is dated prior to January 1, 2011, and based upon review of the risk retention captive's five most recent years of successful operating history, the commissioner issues a written exemption from the mandatory risk-based capital action requirements.

[eff and comp 8/18/2016] (Auth: HRS §§ 431:19-107, 431:19-114, 431:19-115) (Imp: HRS § 431:19-107)

Am and comp 8/17/2019

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