STAND. COM. REP. NO.141-02
RE: H.B. No. 2465
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2002
State of Hawaii
Your Committee on Consumer Protection and Commerce, to which was referred H.B. No. 2465 entitled:
"A BILL FOR AN ACT RELATING TO THE DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS,"
begs leave to report as follows:
The purpose of this bill is to merge the Insurance Regulation Fund (IRF), into the Compliance Resolution Fund (CRF). This bill:
(1) Requires the Director of Finance to transfer all IRF funds unencumbered as of June 30, 2002, into the CRF; and
(2) Removes references to, and statutes controlling the IRF from the Hawaii Revised Statutes as of July 1, 2002.
Testimony in support of this administration bill was received from the Insurance Division of the Department of Commerce and Consumer Affairs (DCCA).
Your Committee finds that DCCA is self-supporting and is funded through the CRF. The Insurance Division within DCCA is funded through the IRF. Moneys in the CRF and IRF derive from the license, permit, certificate, and registration fees paid by persons and businesses falling under DCCA jurisdiction. Your Committee finds that merger of the IRF into the CRF will result in greater DCCA efficiency.
As affirmed by the record of votes of the members of your Committee on Consumer Protection and Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2465 and recommends that it pass Second Reading and be referred to the Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Consumer Protection and Commerce,
KENNETH T. HIRAKI, Chair