Replacement of Life Insurance Policies and Annuities
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Memorandum notifying all life insurers authorized in Hawaii about new statutory standards (Part V of Article 431:10D, Hawaii Revised Statutes) governing replacement of life insurance policies and annuities, the required disclosures/forms, and compliance procedures effective July 1, 2001.
No material clinical or coverage changes in this revision.
Required Provider Actions and Forms
Use and approval of Commissioner‑approved replacement disclosure forms
Insurers may use the Commissioner-approved replacement disclosure forms LIR 01/0900, LIR 02/0900, and LIR 03/0900 without filing them with the Insurance Division as evidence of their use; those approved forms are available on the Division website or at the Division. If an insurer wishes to use a substantially similar form instead, the insurer must obtain the Commissioner's prior approval by filing two copies of the alternative form with a self-addressed stamped envelope, highlight each deviation from the standard forms, and provide justification for each deviation.
- Approved forms (LIR 01/0900, LIR 02/0900, LIR 03/0900) need not be filed with the Division as evidence of their use.
- Substantially similar forms require prior Commissioner approval before use.
- To seek approval, file 2 copies of the form with a self‑addressed stamped envelope, highlight each deviation, and provide justification for each deviation.
- Approved forms are available on the Insurance Division website or at the Division.
Statutory Part V (Article 431:10D) Overview
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