STAND. COM. REP. NO. 1643
RE: S.B. No. 1094
Honorable Joseph M. Souki
Speaker, House of Representatives
Twenty-Eighth State Legislature
Regular Session of 2015
State of Hawaii
Your Committee on Finance, to which was referred S.B. No. 1094, S.D. 2, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO INSURANCE,"
begs leave to report as follows:
The purpose of this measure is to amend Hawaii's Insurance Code to streamline operations, improve administrative efficiency, and reduce confusion and inefficiency in implementing Hawaii's insurance laws.
Among other things, this measure:
(1) Makes fees consistent for applications and services provided by the Insurance Division of the Department of Commerce and Consumer Affairs to purchasing groups, foreign risk retention groups, and all classes of insurers, including fraternal benefit societies, mutual benefit societies, health maintenance organizations, and dental insurers;
(2) Enables the Insurance Division to recover certain administrative costs;
(3) Prohibits the rerating of rates approved by the Insurance Commissioner;
(4) Permits the suspension, revocation, or denial of mutual benefit society's certificate of authority, or imposition of a fine, under certain conditions and establishes requirements for mutual benefit societies that are financially insufficient; and
(5) Makes other housekeeping and conforming amendments.
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 S.B. No. 1094, S.D. 2, H.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
SYLVIA LUKE, Chair