Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 175 - INSURANCE REGULATION FUND ASSESSMENTS
Section 16-175-3 - Assessment criteria

Universal Citation: HI Admin Rules 16-175-3

Current through February, 2024

(a) An insurer or entity regulated under title 24 and subject to the provisions of section 431:2-215, HRS, shall pay an assessment as determined by the commissioner. The assessment shall be based upon criteria consisting of an insurer's or entity's market share percentage of the line of insurance costs and a pro rata share of the other insurance division costs.

(b) An insurer's or entity's share of line of insurance costs shall be determined by that insurer's or entity's market share percentage in each line or type of insurance in the State.

(1) The insurer's or entity's written premium in each line or type of insurance in the State shall be used to determine the insurer's or entity's market share percentage.

(2) Written premium data shall be obtained from the insurer's or entity's filed annual statement for the most recent completed calendar year.

(3) If an insurer's or entity's annual statement of written premium of a line is negative, that insurer or entity is considered to have zero premium for the purpose of determining its market share.

(4) If the commissioner suspends an insurer's or entity's assessment pursuant to section 431:2-215(e), the remaining insurers or entities in that line or type of insurance will be assessed for that suspended assessment according to their respective market share percentages.

(c) Each insurer or entity shall be assessed an equal share of the other insurance division costs, which costs shall be charged on a pro rata basis and shall not be based on market share percentage.

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