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THE SENATE                           S.R. NO.              S.D. 1
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                    SENATE  RESOLUTION

  URGING SUPPORT FOR THE ESTABLISHMENT OF AN INSURANCE INSTITUTE
    AT THE COLLEGE OF BUSINESS ADMINISTRATION OF THE
    UNIVERSITY OF HAWAII. 


 1        WHEREAS, insurance is an important part of our daily
 2   lives, from consumer-oriented coverage such as life, health,
 3   disability, homeowners, motor vehicle, and long-term care
 4   insurance to business-related insurance such as workers'
 5   compensation, liability, property, and employee benefits
 6   insurance; and
 7   
 8        WHEREAS, the emerging Asian and Pacific Rim economies are
 9   anticipated to attract an influx of capital and resources from
10   the United States mainland and abroad, and insurance will be
11   one of the basic means of protecting the capital and resources
12   from the risk of loss due to a variety of unforeseen or remote
13   circumstances; and
14   
15        WHEREAS, Hawaii has evolved to be the premier captive
16   insurance domicile in the Pacific and now competes with other
17   prominent domiciles such as Bermuda, the Cayman Islands, and
18   Barbados in the Caribbean, and Vermont in the United States,
19   and has a uniquely qualified infrastructure comprised of
20   private and public sector resources that are committed to
21   supporting the growth and development of this industry,
22   including the training and development of a labor and capital
23   pool that can be called upon to meet the servicing needs of
24   this growing industry in Hawaii; and 
25   
26        WHEREAS, Hawaii's geographical and geopolitical position
27   and its multilingual and culturally diversified population
28   provide a favorable environment for the development and
29   maintenance of a resource to meet the educational needs of the
30   private and public sectors of these emerging economies; and 
31   
32        WHEREAS, currently there is no centralized resource or
33   facility to coordinate the necessary training and development
34   of this unique labor pool for Hawaii's insurance-related
35   industries; and
36   
37        WHEREAS, Hawaii has a research and education center
38   devoted to the real estate industry in the Hawaii Real Estate
39   Research and Education Center, that was created through an
40   agreement between the College of Business Administration of the

 
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                                  S.R. NO.              S.D. 1
                                                        
                                                        

 
 1   University of Hawaii and the Real Estate Commission, and that
 2   provides educational and training products and research of
 3   interest to the real estate industry and the general public;
 4   and 
 5   
 6        WHEREAS, a similar type of institute devoted to insurance
 7   could meet the training and development needs of Hawaii's
 8   insurance-related industries and serve as a centralized source
 9   of information and expertise for other professionals and the
10   community at large; now, therefore,
11   
12        BE IT RESOLVED by the Senate of the Twentieth Legislature
13   of the State of Hawaii, Regular Session of 1999, that the
14   University of Hawaii is requested to study the feasibility of
15   establishing an insurance institute at the College of Business
16   Administration of the University of Hawaii; and 
17   
18        BE IT FURTHER RESOLVED that the University of Hawaii is
19   requested to consult with other public and private sector
20   groups involved in the insurance industry in the formulation of
21   the feasibility study; and
22   
23        BE IT FURTHER RESOLVED that the University of Hawaii
24   submit the findings of this feasibility study to the
25   Legislature no later than twenty days prior to the convening of
26   the Regular Session of 2000; and
27   
28        BE IT FURTHER RESOLVED that the University of Hawaii is
29   also urged to seek and pursue federal or other funding for the
30   financing of this institute and other insurance-related
31   training in developing Asian and Pacific countries; and
32   
33        BE IT FURTHER RESOLVED that certified copies of this
34   Resolution be transmitted to the President of the University of
35   Hawaii, the Dean of the College of Business Administration at
36   the University of Hawaii, the State Insurance Commissioner, and
37   Hawaii's congressional delegation.