STAND. COM. REP. NO. 309
RE: H.B. No. 71
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirtieth State Legislature
Regular Session of 2019
State of Hawaii
Your Committee on Consumer Protection & Commerce, to which was referred H.B. No. 71 entitled:
"A BILL FOR AN ACT RELATING TO SURPLUS LINES,"
begs leave to report as follows:
(1) Amend the calculation of surplus lines insurance premium tax to tax the entirety of the premium using the rate established by state law, regardless of location of risk; and
Wholesale & Specialty Insurance Association and American Property Casualty Insurance Association testified in support of this measure. The Department of Commerce and Consumer Affairs provided comments.
Your Committee has amended this measure by changing its effective date to July 1, 2050, to promote further discussion.
As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 71, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 71, H.D. 1, and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,
ROY M. TAKUMI, Chair