STAND. COM. REP. NO. 894
RE: H.B. No. 1074
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Fifth State Legislature
Regular Session of 2009
State of Hawaii
Your Committee on Finance, to which was referred H.B. No. 1074, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO INSURANCE,"
begs leave to report as follows:
The purpose of this bill is to update the Insurance Code by, among other things:
(1) Clarifying the allowable insurer investments in common stocks, common trust funds, mutual funds, and exchange traded funds;
(2) Establishing a time limit for an insurer to claim the retaliatory tax credit;
(3) Limiting the issuance of surplus lines broker licenses to licensed producers with certain insurance lines of authority;
(4) Allowing a limited adjuster license for crop insurance claims;
(5) Amending the continuing education credit hours required for insurance producer license renewals; and
(6) Making printed form filings optional for insurance rate and policy revision filings, in accordance with state plans to begin accepting electronic rate filings and payments for all lines of insurance using the National Association of Insurance Commissioners' System for Electronic Rate and Form Filing.
The Department of Commerce and Consumer Affairs and National Association of Insurance and Financial Advisors testified in support of this bill. The American Council of Life Insurers, Hawai‘i Captive Insurance Council, and Hawaii Medical Service Association provided comments.
Your Committee has amended this bill by:
(1) Changing its effective date to July 1, 2020, to encourage further discussion; and
(2) Making technical, nonsubstantive amendments for clarity, consistency, and style.
As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1074, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1074, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Finance,
MARCUS R. OSHIRO, Chair