STAND. COM. REP. NO. 2629
RE: S.B. No. 2655
Honorable Shan S. Tsutsui
President of the Senate
Twenty-Sixth State Legislature
Regular Session of 2012
State of Hawaii
Your Committee on Ways and Means, to which was referred S.B. No. 2655, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO PORTABLE ELECTRONICS INSURANCE,"
begs leave to report as follows:
The purpose and intent of this measure is to establish standards, fees, and penalties relating to the sale of portable electronics insurance in the State.
More specifically, this measure:
(1) Requires vendors to hold a limited lines license to sell or offer coverage under a policy of portable electronics insurance;
(2) Establishes sanctions for violations; and
(3) Establishes licensing fees.
Your Committee finds that there is currently no statutory regulation of the provision of portable electronics insurance. This measure establishes a regulatory framework that provides important consumer protections and meaningful disclosures.
Your Committee has amended this measure by:
(1) Amending the title of section 431: -106 to more accurately reflect the section's provisions, which include not only the termination, but also the modification of portable electronics insurance terms and conditions; and
(2) Making technical nonsubstantive amendments for the purposes of clarity, consistency, and style.
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 S.B. No. 2655, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2655, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
DAVID Y. IGE, Chair