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Hawaii Legislation Attempts to Address Bonds from a Captive Insurer

Wednesday, February 8, 2017  
  Hawaii Legislation Attempts to Address Bonds from a Captive Insurer 

Hawaii HB 1415/SB 1280 would address a situation involving a contractor that formed a captive insurer to write bonds and defaulted on a project. The bill would require the surety company issuing the bond to be independent from the parties that were awarded the bid. The bill would require the surety company to be listed on the Treasury Department's Circular 570. The legislation is intended to. The bill also would prohibit a surety company or bond company from being revoked or dismissed until 90 days after the completion of the project and the settlement of all claims, torts, and liens. SFAA is working to address this legislation and the problems that were the impetus for it.

Members should visit Government Relations / General Info (Members) for more information.



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