Bill Text: HI SB2730 | 2024 | Regular Session | Introduced
Bill Title: Relating To Transparency.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Engrossed - Dead) 2024-03-13 - The committee(s) on CPC recommend(s) that the measure be deferred. [SB2730 Detail]
Download: Hawaii-2024-SB2730-Introduced.html
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THE SENATE |
S.B. NO. |
2730 |
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THIRTY-SECOND LEGISLATURE, 2024 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
Relating to TRANSPARENCY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
"§432:1- Not for profit mutual benefit societies; compilation
of information; disclosure required. (a) Upon
receipt of a statement required by section 432:1-404(a) from a society that is not for profit,
the commissioner shall prepare and maintain, for the purpose of making the
information available to the general public, a compilation of each society's annual
compensation provided to each executive officer and each member of the board of
directors for the preceding calendar year and a description of each position.
(b) Notwithstanding any other law to the contrary, the commissioner or department of commerce and consumer affairs shall make the compilation prepared pursuant to subsection (a) available for public inspection and duplication pursuant to section 92F-12(a)(15)."
SECTION 2. Section 432:1-404, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) Each society shall file with the commissioner annually, on or before March 1 in each year, a statement under oath, and in such form and detail as the commissioner shall prescribe; provided that a statement filed by a society that is not for profit shall include the annual compensation provided to each executive officer and each member of the board of directors for the preceding calendar year and a description of each position; provided further that any association or society organized and operating as a nonprofit medical indemnity or hospital service association shall file a report with the commissioner covering the preceding calendar year and verified by at least two principal officers. Each mutual benefit society shall file quarterly with the commissioner, on or before the forty-fifth day after each quarter, a copy of its quarterly report verified by at least two principal officers. The report shall comply with sections 431:3-301 and 431:3-302. The commissioner may prescribe the forms on which the report is to be filed.
In addition, any association or society organized and operating as a nonprofit medical indemnity or hospital service association annually shall file with the commissioner the following by the dates specified:
(1) An audit, by an independent certified
public accountant or an accounting firm designated by the association or
society, of the financial statements, reporting the financial condition and
results of operations of the association or society on or before June 1, or a
later date as the commissioner upon request or for cause may specify. The association or society, on an annual
basis and [prior to] before the commencement of the audit, shall
notify the commissioner in writing of the name and address of the person or
firm retained to conduct the annual audit.
The commissioner may disapprove the association's or society's
designation within fifteen days of receipt of the association's or society's
notice, and the association or society shall be required to designate another
independent certified public accountant or accounting firm. The audit required by this paragraph shall be
prepared in accordance with the National Association of Insurance
Commissioners' accounting practices and procedures manual and rules adopted by
the commissioner following the practices and procedures prescribed by the
National Association of Insurance Commissioners; and
(2) A description of the available grievance procedures, the total number of grievances handled through those procedures, a compilation of the causes underlying those grievances, and a summary of the final disposition of those grievances on or before March 1."
SECTION 3. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
DCCA; Insurance Commissioner; Not For Profit Mutual Benefit Society; Annual Statement; Compensation; Executive Officers; Board Members; Compilation; Disclosure
Description:
Requires not for profit mutual benefit societies to include in annual statements the compensation provided to each executive officer and board member for the preceding calendar year and a description of each position. Requires the Insurance Commissioner to prepare and maintain a compilation of the information for each not for profit mutual benefit society. Requires the Insurance Commissioner or the Department of Commerce and Consumer Affairs to make the compilation available for public inspection and duplication.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
