New Insurance Commissioner in Hawaii Named


    Colin M. Hayashida is appointed Insurance Commissioner in Hawaii.

Colin M. Hayashida has been appointed Insurance Commissioner, effective January 1st, according to a statement by Catherine P. Awakuni Colón, Director of the Department of Commerce and Consumer Affairs.

Hayashida replaces Gordon Ito, who was Insurance Commissioner of 2010 at the end of last year. Ito has resumed his previous role as Chief Insurance Commissioner, according to the DCCA press release.

The Insurance Division regulates the insurance industry in Hawaii, including reviewing the tax situation of Hawaii-based companies, reviewing rate and policy deposits, and investigating insurance complaints.

As head of the division, Hayashida now oversees 1,551 insurance companies and more than 73,000 insurance producers. The Hawaii sector generates $ 19.8 billion in premiums.

"It is an honor for me to have this opportunity and I look forward to playing an important role in overseeing and supporting the insurance market in Hawaii," Hayashida said in a written statement.

"With the ongoing reform of the federal health system and the consequences of natural disasters in the state, the insurance sector remains fluid, with significant problems that we must monitor and focus on", he declared. "The Insurance Division and its dedicated staff have always met their challenges and my goal is to maintain this level of commitment and service to Hawaii and its residents."

Hayashida has been working in the insurance division since 2000 and has been in charge of the analysis of rates and insurance policies since 2011.