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
Current through February, 2024
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:
(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.