Hawaii Governor Josh Green signed HB234 into law this month, allowing certain captives to register as dormant in the jurisdiction.
A captive will now be able to apply to the Commissioner for a certificate of dormancy.
A certificate of dormancy shall be revoked if a dormant captive insurance company violates any of the provisions highlighted in the bill.
The certificate of dormancy shall be subject to renewal every five years and shall expire if not renewed by the captive owner.
An application for renewal must also not be submitted not less than ninety days before the certificate expiration date.
“The issuance of a certificate of dormancy shall automatically cause the certificate of authority of the captive insurance company to be placed in inactive status,” the bill states.