Life Insurance - Hawaii

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In 2005, Hawaii's residents, according to The National Association of Insurance Commissioners' estimates, held approximately $62.5 million in individual life insurance policies and $34.9 million in group and credit life insurance policies. If you are a resident of Hawaii who does not yet own life insurance, or if you have questions about your existing policies, this article will provide helpful information.

Hawaiian Offices Responsible for Life Insurance

Hawaii's insurance industry -- including insurance companies, agents, self-insurers and captives -- is overseen by the Department of Commerce and Consumer Affairs (DCCA).

The DCCA's Insurance Division is organized into seven branches:

• Financial Surveillance and Examination Branch
• Compliance and Enforcement Branch
• Licensing Branch
• Rate and Policy Analysis Branch
• Captive Insurance Branch
• Insurance Fraud Investigation
• Health Insurance Branch

Consumers can file a complaint against an insurance company from the Insurance Division website. Also, if a licensed insurance company or agent goes out of business due to insolvency, the Hawaii Life and Disability Insurance Guaranty Association is responsible for protecting the interest of the company's policyholders.

Currently, there are 17 revised insurance statutes in Hawaii, including Title 24 of the HRS Chapter 431, that define the law pertaining to insurance in the state of Hawaii.

Contacting Hawaii's DCCA Insurance Division