News from the Surplus Lines Industry and InsCipher
We would like to inform you that the Hawaii Insurance Division has issued the following notification regarding upcoming changes to the 2025 Quarterly Report. Our team is actively working on updating the portal to reflect these changes.
"RE: Updated Surplus Lines Premium Tax Statement and Payment – Form 104 and Form 104C (HI2025SurplusLinesQTv1)
In effort to improve efficiencies and transparency, effective starting with the 1st Quarter 2025 statement due May 15, 2025, an updated Form 104 and Form 104C will be launched. Form 104C will require data to be entered under the fields “Effective Date of Policy,” “Effective Date of Endorsement (Bound Date),” and “Date Submitted.” Fields highlighted on Form 104 are also required to be completed. The forms automatically calculate penalties pursuant to Hawaii Revised Statutes (“HRS”) §431:8-316(a) for the failure to 1. file statements required pursuant to HRS §431:8-313 and 2. pay premium taxes when due pursuant to HRS §431:8-315, which will be reflected in Form 104, under “Late Filing Penalty” and “Late Payment of Premium Tax Penalty,” respectively.
For Independently Procured Insurance, delinquent taxes shall bear interest at the rate of 10 per cent per annum, pursuant to HRS §431:8-205. The interest will be automatically calculated based on the data entered and included in “Late Payment Interest” on Form 104.
Penalties and interest will be included in the “Total Payment Due.” Penalties and interest may be paid with the submission of the filing or upon invoice as done in the past. Filings are subject to review by the Hawaii Insurance Division and may be subject to additional penalties and interest.
For questions and concerns, please contact the Hawaii Insurance Division at insexamslb@dcca.hawaii.gov."