STAND. COM. REP. NO. 2656

                                   Honolulu, Hawaii
                                                     , 2000

                                   RE:  S.B. No. 2562
                                        S.D. 1




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 2000
State of Hawaii

Sir:

     Your Committee on Commerce and Consumer Protection, to which
was referred S.B. No. 2562 entitled: 

     "A BILL FOR AN ACT RELATING TO INSURANCE,"

begs leave to report as follows:

     The purpose of this measure is to reorganize existing law on
the confidentiality of nonpublic financial information of a
captive insurance company, and to clarify the financial reporting
requirements of captive insurers.

     Your Committee received testimony from the State Insurance
Commissioner, Marsh Management Services Inc., Hawaii Captive
Insurance Council, Becher + Carlson Risk Management, Inc., and
Hawaii Captive Insurance Management.

     Your Committee amended this measure for clarity, and deleted
the reference to class 4 captive insurance companies in the
provisions regarding the filing of risk-based capital reports.

     As affirmed by the record of votes of the members of your
Committee on Commerce and Consumer Protection that is attached to
this report, your Committee is in accord with the intent and
purpose of S.B. No. 2562, as amended herein, and recommends that
it pass Second Reading in the form attached hereto as S.B.
No. 2562, S.D. 1, and be placed on the calendar for Third
Reading.


 
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                                   STAND. COM. REP. NO. 2656
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                                   Respectfully submitted on
                                   behalf of the members of the
                                   Committee on Commerce and
                                   Consumer Protection,



                                   ______________________________
                                   BRIAN KANNO, Co-Chair



                                   ______________________________
                                   BRIAN T. TANIGUCHI, Co-Chair

 
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