Hawaii General Agent Bond

HawaiiInsurers who employ managing general agents are affected by a new Hawaii State law. The new law is referred to as SB 2697/HB 2544 and has insurers require their managing general agents to acquire a surety bond in a quantity equivalent to $100,000 or 10% of the agent’s sum yearly premiums written nationally for the insurer in the prior calendar year, whichever is more. Additionally, a $1 million errors and omissions insurance policy also must be obligatory.