Hawaii Insurance Adjuster License Practice Exam

When is a policy filing considered approved if made by an authorized insurer in Hawaii?

1. After 30 calendar days if not denied.

2. Immediately upon submission.

3. Within 60 calendar days unless previously approved or denied.

4. After 90 days if no decision is made.

The correct answer is: Within 60 calendar days unless previously approved or denied.

In Hawaii, a policy filing made by an authorized insurer is considered approved within 60 calendar days unless it has been denied or previously approved. This means that if the insurance department does not take specific action regarding the filing in that timeframe, the insurer can proceed under the assumption that the filing has been approved. This provision is important as it allows insurers to operate efficiently without being held up indefinitely by the approval process. The other possibilities, while they present different timelines or conditions, do not align with the regulatory framework governing insurance filings in Hawaii. Immediate approval upon submission would not provide adequate time for review, and a 30-day or a 90-day timeline does not accurately reflect the law in Hawaii, which is specifically set at 60 calendar days for this context. Understanding these timelines helps ensure compliance with state regulations regarding insurance practices.