Report Title:

Captive Insurance Branch; Examiners; Appropriation

Description:

Clarifies captive insurance administrator's duties; establishes three insurance examiner positions within the DCCA Captive Insurance Branch; appropriates funds. (SB574 HD1)

THE SENATE

S.B. NO.

574

TWENTY-SECOND LEGISLATURE, 2003

S.D. 1

STATE OF HAWAII

H.D. 1


 

A BILL FOR AN ACT

 

relating to CAPTIVE insurance.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 431:19-101.5, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

"(a) There shall be established within the office of the commissioner, a captive insurance administrator, who shall be solely responsible for assisting the [insurance] commissioner in the monitoring, regulation, and development of captive insurance companies under this article. The [insurance] commissioner [shall], with the approval of the director of commerce and consumer affairs, shall appoint the administrator who shall be exempt from chapter 76. The administrator shall serve at the pleasure of the director of commerce and consumer affairs[.] and shall report directly to the commissioner."

SECTION 2. There is appropriated out of the compliance resolution fund the sum of $164,000 or so much thereof as may be necessary for fiscal year 2003-2004 and the sum of $164,000 or so much thereof as may be necessary for fiscal year 2004-2005 to establish and fund the following permanent positions within the captive insurance administrative branch of the insurance division of the department of commerce and consumer affairs:

(1) CIAF insurance examiner III, SR-26 $70,000;

(2) CIAF insurance examiner II, SR-24 $52,000; and

(3) CIAF insurance examiner I, SR-22 $42,000.

The sums appropriated shall be expended by the department of commerce and consumer affairs for the purposes of this Act.

SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 4. This Act shall take effect upon its approval; provided that section 2 shall take effect on July 1, 2003.