Hawaii Insurance Adjuster License Practice Exam

If a policy filing is submitted to the Commissioner, how long does the insurer have to wait for approval?

1. 45 calendar days.

2. 30 calendar days.

3. 60 calendar days.

4. 90 calendar days.

The correct answer is: 60 calendar days.

The insurer must wait 60 calendar days for the approval of a policy filing submitted to the Commissioner. This timeframe is established to ensure that there is a comprehensive review of the policy to verify that it complies with state regulations and necessary standards. The 60-day period allows for adequate evaluation of the policy's terms, rates, and overall compliance with consumer protection laws. If no response is received from the Commissioner within this period, the insurer may assume that the filing has been approved, allowing them to proceed with offering the policy. This timeframe is critical to both protect consumers and maintain a well-regulated insurance market. It provides a structured timeline that promotes efficiency while also ensuring regulatory oversight. Understanding this statutory requirement is essential for insurance adjusters and other professionals working within the industry, as it directly affects the approval process of insurance products in Hawaii.