 |
 |
|
 |
|
|
|
Monday, June 06, 2016 9:01 PM
FEMA Warns Of Flood Insurance Cutoff
|
|
Monday, May 23, 2016 8:53 PM
On The Move
|
|
Thursday, April 28, 2016 7:46 PM
Employment Gap: 25 Percent Of Insurance Professionals To Retire In Next Four Years
|
|
Thursday, April 14, 2016 7:54 PM
Auto Insurance Penalties In Hawaii Are Among Highest In The Nation
|
|
Monday, February 29, 2016 7:13 PM
Insurance Helps Companies Offset Data Breach Expenses
|
|
Friday, November 06, 2015 7:25 PM
Auditor Attacks Use of Hawaii Hurricane Relief Fund
|
|
Thursday, November 05, 2015 8:17 PM
DTRIC Insurance Founder And CEO Ron Toyofuku To Retire
|
|
Thursday, October 01, 2015 7:11 PM
Firm Set To Pay $120M To Purchase Isle Insurer Zephyr Co.
|
|
Thursday, September 17, 2015 11:52 PM
Hawaii Employers’ Mutual Insurance Co. Board OKs $2.75M Dividend
|
|
Thursday, August 20, 2015 8:49 PM
Hawaii's DTRIC Insurance Co. Adds Cyber Risk Insurance To Its Offerings
|
|
|
|
|
|
|
|
|
|
 |
|
|
| |
| State Insurance Division Collects Millions In Taxes |
| Tuesday, December 30, 2014 |
It doesn't make many headlines, but the state's Insurance Division is a more than $126 million business in terms of the money it collects. It has collected $126 million in premium taxes, $53,611 in premium tax penalties and $43,880 in surplus lines penalties so far this year.
Gordon Ito, Hawaii's insurance commissioner since 2010, sat down with PBN to discuss the division, which is under the state Department of Commerce and Consumer Affairs.
It has several different branches that cover all types of insurance, compliance and rate approvals, and consumer education. Ito said the division collects the premium tax, which goes into the state's general fund. Premiums are exempt from the state's general excise tax. Rates vary by type of insurance.
The health branch regulates health insurers. This year, the Legislature passed Act 66 to increase openness and rate transparency, and in turn the branch released a premium comparison guide to help consumers compare insurance costs. The Insurance Division offers a similar product for auto and homeowners insurance.
The branch also provides oversight on health plan rate filings. It recently denied Hawaii Medical Service Association's initial request for a 19 percent rate increase for its individual transitional plan, approving instead an 8.4 percent increase, which it estimates will save consumers $25 million in higher costs through 2015.
The division also licensed more agents in 2014, including insurance producers, adjusters, and surplus lines brokers. As of Dec. 17, the licensing branch had issued 11,232 licenses and maintained 53,561 active licenses.
The division's insurance fraud branch indicted 30 people on fraudulent insurance charges totaling more than $1.2 million in 2014. The convictions led to $12,072 in restitution orders and $27,180 in fines.
The Insurance Division also looks into complaints from insurers. As of Dec. 18, its compliance and enforcement branch received 454 complaints and saved consumers more than $600,000 in complaint resolutions. As an example, Ito said that if someone files an auto insurance claim and there is a dispute over the cost of the vehicle, the division would step in.
The captive insurance branch licensed 13 new captives in 2014, with three more anticipated to be licensed by the end of the year. Hawaii ranks fourth in the U.S. and 11th globally in the captive insurance industry — a form of self insurance for businesses — and has attracted Fortune 500 companies such as Google to domicile here. |
|
 |
|
|
| |
|
Comments
|
|
|