Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Consumer Protection and Commerce, to which was referred H.B. No. 593 entitled:

begs leave to report as follows:

The purpose of this bill is to:

1. Correct cross-references to sections of the State Insurance Code; and
2. Clarify that except as otherwise provided, any approval shall be deemed granted on the 30^th calendar day after filing the request for approval.

The Department of Commerce and Consumer Affairs and the American Council of Life Insurers testified in support of this measure.

Your Committee finds that chapter 431:10D, Hawaii Revised Statutes, was enacted by Act 252, Session Laws of Hawaii 2000, and was based on the National Association of Insurance Commissioners' Model Act on Life Insurance Replacements (Model Act). The Model Act goes into effect on July 1, 2001. Act 252 inadvertently made several incorrect statutory citations that need to be corrected before July 1, 2001, to maintain uniformity among the other states adopting the Model Act.

Your Committee has amended this bill by making technical, nonsubstantive amendments for purposes of style, clarity, and consistency.

As affirmed by the record of votes of the members of your Committee on Consumer Protection and Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 593, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 593, H.D. 1, and be placed on the calendar for Third Reading.