In Hawaii, how frequently must surplus lines brokers submit statements to the commissioner?

In Hawaii, surplus lines brokers are required to submit statements to the commissioner on a quarterly basis. This frequency helps ensure that the state has up-to-date information regarding surplus lines transactions, allowing for better regulation and oversight of this segment of the insurance industry. Regular submissions promote transparency and accountability among surplus lines brokers, providing the commissioner with timely data on their activities, which is essential for maintaining the integrity of the market and protecting consumers.

In this context, the other options do not align with the established regulations. Monthly submissions would create an excessive burden for brokers and the regulatory body, while annual reports could lead to gaps in data that might hinder effective oversight. A five-year reporting period would be far too infrequent to allow for adequate monitoring of ongoing activities in the rapidly changing insurance landscape. Hence, quarterly submissions strike an appropriate balance between regulatory need and broker operational capacity.