THE SENATE |
S.C.R. NO. |
136 |
TWENTY-SECOND LEGISLATURE, 2004 |
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STATE OF HAWAII |
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RESOLUTION
requesting the board of regents OF THE UNIVERSITY OF HAWAII to establish THE ASIA-PACIFIC RISK MANAGEMENT AND INSURANCE PROGRAM WITHIN THE COLLEGE OF BUSINESS ADMINISTRATION AT THE UNIVERSITY OF HAWAII AT MANOA.
WHEREAS, the insurance industry is a major contributor to the State's economy; and
WHEREAS, understanding insurance and risk management has become a top priority of corporations as they realize that risk managers do not simply pay the insurance premiums, but must understand all the risks a corporation faces and all the complex alternatives to address those risks; and
WHEREAS, Hawaii has established a reputation as one of the world's top ten locations for captive insurance companies and is the premier domicile in the Pacific Basin with over one hundred active licensees; and
WHEREAS, Hawaii’s largest employers, as well as U.S. and foreign-based regional and multinational companies from a diverse range of industries, are numbered among those forming captive insurance companies in Hawaii; and
WHEREAS, the University of Hawaii would like to support the State of Hawaii's vision of serving as the bridge between East and West in promoting a variety of economic and financial activities, including insurance business; and
WHEREAS, the College of Business Administration at the University of Hawaii at Manoa ("UHM") would be an appropriate place to establish this bridge because of its strong reputation from its outstanding faculty, the ability of its students, and its innovative Asia-focused curriculum at both undergraduate and graduate levels; and
WHEREAS, while there are at least sixty colleges and universities offering undergraduate risk management and insurance programs in the United States and Canada, there are only a handful of graduate programs with a focus in this area; and
WHEREAS, a graduate program in risk management and insurance at UHM would be the first program of its kind in the western U.S. and would set UHM apart among the nation's top schools of business; and
WHEREAS, not only would the establishment of an Asia-Pacific Risk Management and Insurance Program at UHM increase research productivity in the rapidly growing financial services industry in the Asia-Pacific region, but it would also complement the College of Business Administration's strategic plan for becoming the best business school in the world with an Asia-Pacific focus; and
WHEREAS, the establishment of an Asia-Pacific Risk Management and Insurance Program at UHM would:
(1) Promote the State of Hawaii as the global center for insurance research activities and as the meeting place for insurance market regulators and industry leaders for policy dialogues;
(2) Train and educate qualified professionals for the local insurance industry as well as in the Asia-Pacific region;
(3) Enhance the State's reputation as a leading captive insurance center in the world;
(4) Promote the State of Hawaii as the insurance education leader in the Asia-Pacific region; and
(5) Contribute to diversification of the State of Hawaii's economic and labor force;
now, therefore,
BE IT RESOLVED by the Senate of the Twenty-Second Legislature of the State of Hawaii, Regular Session of 2004, the House of Representatives concurring, that the Board of Regents of the University of Hawaii is requested to establish an Asia-Pacific Risk Management and Insurance Program within the College of Business Administration at the University of Hawaii at Manoa; and
BE IT FURTHER RESOLVED that, among other things, the Asia-Pacific Risk Management and Insurance Program will:
(1) Expand the Master of Science in Finance Program, which is currently under review by the University of Hawaii, to include a specialization in risk management, given the explosive growth of the insurance industries in Asia;
(2) Include specialized research programs in the insurance area focusing on best practices, policy issues, and regionalization and harmonization of insurance regulations;
(3) Provide continuing education programs geared to meeting the needs of local insurance industry participants; and
(4) Support the Insurance Division by providing research and counsel on complex and new initiatives in insurance;
and
BE IT FURTHER RESOLVED that the Board of Regents of the University of Hawaii is requested to report on the status of the Asia-Pacific Risk Management and Insurance Program to the Legislature no later than twenty days before the convening of the Regular Session of 2005; and
BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Chairperson of the Board of Regents of the University of Hawaii, President of the
University of Hawaii, Dean of the College of Business Administration of UHM, and Insurance Commissioner.
OFFERED BY: |
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Report Title:
Board of Regents; Asia-Pacific Risk Management Insurance Program