Insurance

Act 252, Session Laws of Hawaii (SLH) 2000, mandates certain standards governing the conduct of insurers and producers with respect to the replacement of existing life insurance policies and annuities contracts. These standards are codified as Part V of Article 431:10D, Hawaii Revised Statutes (HRS), and are effective July 1, 2001.

Part V requires particular notices be approved by the Insurance Commissioner. To facilitate compliance with these new requirements, the Commissioner has approved the forms below for use by insurers, without further filing requirement. These forms correspond to the National Association of Insurance Commissioner’s Model Life Replacement Regulations (2000) Appendices A, B, and C.

• Form LIR 01/0900
• Form LIR 02/0900
• Form LIR 03/0900

Insurers and their producers may also use forms that are substantially similar provided that they have been approved by the Commissioner prior to their use. Please refer to Commissioner’s Memorandum 2001-8A .