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How insurance rate filings work in Hawaii

Frequently Asked Questions

How often do insurance rates change in Hawaii?

Insurance carriers can file rate changes at any time. Most major carriers file annual rate adjustments, though some file more frequently. Rate Watch tracks all filings as they are submitted to DCCA through SERFF.

Are rate filings public information?

Yes. In Hawaii, rate filings submitted through SERFF are public records. Anyone can view filing metadata and many supporting documents through the SERFF Filing Access portal. Rate Watch structures this public data for easier analysis.

How long does it take for a rate filing to be approved?

Hawaii DCCA typically reviews rate filings within 30 to 90 days. Complex filings or those requiring additional actuarial justification may take longer. The timeline depends on the line of insurance and the size of the proposed change.

Can DCCA disapprove a rate filing?

Yes. DCCA can disapprove a rate filing if the proposed rates are excessive, inadequate, or unfairly discriminatory. Carriers may then revise and refile, or withdraw the filing entirely.

What determines how much rates change?

Rate changes are driven by loss experience (claims paid), expense trends, investment income, and regulatory requirements. Carriers must provide actuarial justification for all proposed rate changes.

Glossary

Rate Filing

A formal request by an insurance carrier to the state insurance division to change the rates they charge policyholders. In Hawaii, rate filings are submitted through SERFF and reviewed by DCCA.

SERFF

System for Electronic Rate and Form Filing. A national electronic filing system used by insurance companies to submit rate and form filings to state insurance regulators. Hawaii uses SERFF for all P&C and health insurance filings.

DCCA

Department of Commerce and Consumer Affairs. The Hawaii state agency responsible for regulating insurance. The Insurance Division within DCCA reviews and approves or disapproves rate filings.

Rate Change Percentage

The proposed overall change to premium rates, expressed as a percentage. A +5.2% rate change means premiums would increase by 5.2% on average. A negative percentage indicates a rate decrease.

SERFF Tracking Number

A unique identifier assigned to each filing in the SERFF system. Used to track a filing from submission through disposition. Format varies by state and company.

Effective Date

The date when approved rate changes take effect for new and renewal policies. Carriers specify the requested effective date in their filing, subject to regulatory approval.

Disposition Date

The date when the insurance division makes a final decision on a filing. The filing is either approved, disapproved, or withdrawn by that date.

Filing Type

The category of the filing. 'Rate' filings change premium pricing. 'Rule' filings change underwriting or classification rules. 'Form' filings change policy language. Some filings are 'Rate & Rule' combined.

Line of Insurance

The type of insurance coverage. Common lines include Private Passenger Auto, Homeowners, Workers Compensation, Commercial Property, General Liability, and Health insurance.

NAIC Code

National Association of Insurance Commissioners code. A unique identifier assigned to each insurance company for regulatory tracking across all 50 states.

Premium Impact

The estimated dollar effect of a rate change on policyholders. A 5% increase on a $1,200 annual premium would result in a $60 premium impact.

Prior Approval

Hawaii uses a 'prior approval' system for most rate filings, meaning the insurance division must approve rate changes before they can take effect. This differs from 'file and use' states where rates take effect immediately.

Loss Ratio

The ratio of claims paid to premiums collected. A loss ratio above 100% means the carrier paid more in claims than it collected in premiums. Loss ratios are a key factor in rate change justification.

Actuarial Memorandum

A document submitted with rate filings that explains the actuarial basis for the proposed rate change. Includes data on loss experience, trend factors, and expense assumptions.

Data sourced from the SERFF Filing Access portal and Hawaii DCCA Insurance Division.

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