(a) The commissioner may adopt rules pursuant to chapter 91 implementing this article.
Terms Used In Hawaii Revised Statutes 431:4A-104
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
(b) The commissioner may adopt rules applicable to reinsurance arrangements as follows:
(1) A rule adopted pursuant to this section shall apply only to reinsurance relating to:
(A) Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;(B) Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;(C) Variable annuities with guaranteed death or living benefits;(D) Long-term care insurance policies; or(E) Other life and health insurance and annuity products as to which the National Association of Insurance Commissioners adopts model regulatory requirements with respect to credit for reinsurance;(2) A rule adopted pursuant to paragraph (1)(A) or (B) shall apply to any treaty containing:
(A) Policies issued on or after January 1, 2015; and(B) Policies issued before January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015;(3) A rule adopted pursuant to this section shall require the ceding insurer, in calculating the amounts or forms of security required to be held under rules, to use the valuation manual adopted by the National Association of Insurance Commissioners under section 11B(1) of the National Association of Insurance Commissioners Standard Valuation Law, including all amendments adopted by the National Association of Insurance Commissioners and in effect on the date as of which the calculation is made, to the extent applicable;(4) A rule adopted pursuant to this section shall not apply to a cession to an assuming insurer that:
(A) Meets the conditions set forth in section 431:4A-101(f);(B) Is certified in this State; or(C) Maintains at least $250,000,000 in capital and surplus when determined in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, including all amendments thereto adopted by the National Association of Insurance Commissioners, excluding the impact of any permitted or prescribed practices; and is:
(i) Licensed in at least twenty-six states; or(ii) Licensed in at least ten states, and licensed or accredited in a total of at least thirty-five states.(5) The authority to adopt rules pursuant to this section shall not limit the commissioner’s general authority to adopt rules pursuant to section 431:4A-104(a).”
