How long must a foreign or alien insurer have transacted business elsewhere to operate in Hawaii?

A foreign or alien insurer must have transacted business for at least five years elsewhere before it can operate in Hawaii. This requirement is in place to ensure that the insurer has a sufficient track record and experience in the insurance industry. By mandating a five-year operational history, regulators aim to protect consumers and maintain stability within the insurance market in Hawaii. This duration also helps ensure that the insurer is financially stable and has acquired necessary operational expertise, which is vital for effectively managing the risks associated with insurance contracts. Such regulations help build trust with policyholders and promote responsible business practices within the state.