Hawaii Senate Bill 2950 to allow captives to write catastrophic risk  

Hawaii is looking to pass Senate Bill 2950 which allows captives to write catastrophic property and casualty risks, subject to the approval and continuing supervision of the Hawaii insurance commissioner. 

Catastrophic property and casualty risk means exposures involving the potential for “severe, extraordinary, or aggregate loss that exceeds ordinary underwriting risk” and that may be unavailable, limited, or prohibitively priced in the commercial market.