Regulation · State guide
Hawaii annuity rules
Top 5-year MYGA
6.30%
B++ or better, yield to surrender
- FIA S&P cap
- 17.00%
- As of
- Oct 26
What Hawaii law says
Free-look period
If the annuity you bought replaced an existing policy or contract, Hawaii gives you at least 30 days after delivery to return it and receive an unconditional full refund of premiums paid.
Haw. Rev. Stat. § 431:10D-505(a)(4), Hawaii Revised Statutes § 431:10D-505 — duties of replacing insurers that use producers, right-to-return noticeVerified 2026-08-25
What your agent owes you
A producer recommending an annuity must act in your best interest and may not put the producer's or the insurer's financial interest ahead of yours.
Haw. Rev. Stat. § 431:10D-623, Hawaii Revised Statutes § 431:10D-623 — Duties of insurers and producersVerified 2026-08-25
How Hawaii taxes annuity income
Hawaii excludes any pension received for past services from state income tax, but the taxable portion of an annuity that is not a service pension is still taxed as ordinary Hawaii income.
Haw. Rev. Stat. § 235-7(a)(3), Hawaii Revised Statutes § 235-7 — pension-for-past-services exclusion from gross incomeVerified 2026-08-25
Who regulates annuities in Hawaii
Fixed annuities are insurance products, so they are overseen by the state insurance department rather than by the SEC. The department licenses the carriers and the producers who sell them, and it takes consumer complaints.
The Hawaii guaranty association
Every state has a life and health insurance guaranty association that steps in when a member insurer fails. Coverage terms are set by state law and differ by state and by product. Contact the association directly for what applies to a specific contract.
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This page is educational and is not legal, tax, or insurance advice. State rules change. Verify anything here with the Hawaii insurance department before acting.
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