STAND. COM. REP. NO. 3414
RE: S.C.R. No. 44
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.C.R. No. 44, S.D. 1, entitled:
"SENATE CONCURRENT RESOLUTION REQUESTING THE INSURANCE COMMISSIONER TO CONDUCT A FACT-FINDING AND FEASIBILITY STUDY ON THE VIABILITY OF USING ACCELERATED DEATH BENEFITS AND VIATICAL SETTLEMENTS AS A SOURCE OF FUNDING FOR LONG-TERM CARE NEEDS,"
begs leave to report as follows:
The purpose and intent of this measure is to request the Insurance Commissioner to study the viability of using life insurance accelerated death benefits and viatical settlements to finance long-term care needs.
Your Committee received written comments in support of this measure from the Department of Commerce and Consumer Affairs. Written comments on this measure were received from the Legislative Reference Bureau.
Your Committee finds that the Hawaii Long-Term Care Commission was established by Act 224, Session Laws of Hawaii 2008, to conduct a comprehensive assessment of Hawaii's long-term care system. One of the initiatives proposed by the Commission in its final report to the Legislature was to explore using life insurance as a source of long-term care financing. Specifically, the Commission recommended that the Insurance Commissioner and the Legislature study the feasibility of using accelerated death benefits and viatical settlements to fund long-term care needs. This measure requests the Insurance Commissioner to undertake the study recommended by the Commission.
Your Committee has amended this measure by:
(1) With regard to the list of entities that will receive a certified copy of this measure:
(A) Deleting the Hawaii Long-Term Care Commission, as the Commission's term will expire upon the adjournment sine die of the 2012 Regular Session; and
(B) Adding the Director of the Legislative Reference Bureau; and
(2) Making technical nonsubstantive amendments for the purpose of clarity and consistency.
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 concurs with the intent and purpose of S.C.R. No. 44, S.D. 1, as amended herein, and recommends its adoption in the form attached hereto as S.C.R. No. 44, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
DAVID Y. IGE, Chair