Hawaii Revised Statutes 431:3D-101 – Scope and purpose

(a) This article shall apply to all insurers domiciled in this State unless exempt pursuant to § 431:3D-106.

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Own risk and solvency assessment: means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group and conducted by that insurer or insurance group, of the material and relevant risks associated with the insurer or insurance group's current business plan and the sufficiency of capital resources to support those risks. See Hawaii Revised Statutes 431:3D-102
Own risk and solvency assessment summary report: means a confidential, high-level summary of an insurer or insurance group's own risk and solvency assessment. See Hawaii Revised Statutes 431:3D-102

(b) The purposes of this article shall be to:

(1) Provide the requirements for maintaining a risk management framework and completing an own risk and solvency assessment; and

(2) Provide guidance and instructions for filing an own risk and solvency assessment summary report with the commissioner.

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