STAND. COM. REP. NO. 1289
RE: H.B. No. 1074
Honorable Colleen Hanabusa
President of the Senate
Twenty-Fifth State Legislature
Regular Session of 2009
State of Hawaii
Your Committee on Ways and Means, to which was referred H.B. No. 1074, H.D. 2, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO INSURANCE,"
begs leave to report as follows:
The purpose of this measure is to clarify and update various provisions of the State's Insurance Code.
Specifically, this measure:
(1) Clarifies allowable insurer investments to meeting capital and reserve requirements;
(2) Establishes a time limit for insurers to claim the retaliatory tax credit;
(3) Limits the issuance of surplus lines broker licenses;
(4) Clarifies the deposit and lapsing requirements for funds generated from the drivers education fund underwriters fee;
(5) Clarifies that both workers' compensation and crop insurance limited adjusters' licenses require renewal by examination;
(6) Amends continuing education requirements for licenses; and
(7) Amends rate filings requirements to conform to the National Association of Insurance Commissioners system for electronic rate and form filing.
Your Committee received four written comments on this measure. The written comments may be reviewed on the Legislature’s website.
Your Committee finds that this measure will ensure that Hawaii's insurance code is updated and in conformity with best practices in insurance regulation. Your Committee further finds that the amendments to the continuing educations requirements will enable Hawaii to comply with the requirements of the National Association of Insurance Commissioners.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1074, H.D. 2, S.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
DONNA MERCADO KIM, Chair