STAND. COM. REP. NO. 2147
RE: S.B. No. 19
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirtieth State Legislature
Regular Session of 2019
State of Hawaii
Your Committee on Finance, to which was referred S.B. No. 19, S.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO SURPLUS LINES,"
begs leave to report as follows:
(1) Simplify the calculation of the surplus lines insurance premium tax rate by amending the calculation to tax the entirety of the premium using the rate established by state law, regardless of location of risk; and
(2) Repeal the authority of the Insurance Commissioner to enter into interstate compacts to collect surplus lines premium taxes.
Your Committee has amended this measure by changing the effective date to October 1, 2019.
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. 19, S.D. 2, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 19, S.D. 2, H.D. 1.
Respectfully submitted on behalf of the members of the Committee on Finance,
SYLVIA LUKE, Chair