CONFERENCE COMMITTEE REP. NO.131
Honolulu, Hawaii
, 2001
RE: S.B. No. 1068
S.D. 1
H.D. 2
C.D. 1
Honorable Robert Bunda
President of the Senate
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committee on Conference on the disagreeing vote of the Senate to the amendments proposed by the House of Representatives in S.B. No. 1068, S.D. 1, H.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO PRODUCER LICENSING,"
having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.
The purpose of this measure is to conform Hawaii's producer licensing laws to the requirements of the federal Financial Services Modernization Act of 1999, P.L. 106-102, more commonly known as the Gramm-Leach-Bliley Act. The federal law requires that a majority of states have "producer licensing" laws in place by November 12, 2002, that are either uniform or reciprocal to each other. This bill adopts the National Association of Insurance Commissioners' ("NAIC") Producer Licensing Model Act that was created in response to the federal mandate.
Upon further consideration, your Committee on Conference amended this measure as follows:
(1) To require business entities to pay the applicable fees in chapter 432, Hawaii Revised Statutes (HRS), in addition to the fees in chapter 431, HRS, in order to obtain an insurance producer license;
(2) To slightly broaden the circumstances under which an insurance producer may act as an insurer's agent;
(3) To change the effective date to July 1, 2002; and
(4) To make several technical, nonsubstantive amendments to conform the language of the measure to the language of the NAIC Producer Licensing Model Act.
As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of S.B. No. 1068, S.D. 1, H.D. 2, as amended herein, and recommends that it pass Final Reading in the form attached hereto as S.B. No. 1068, S.D. 1, H.D. 2, C.D. 1.
Respectfully submitted on behalf of the managers:
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ON THE PART OF THE HOUSE |
ON THE PART OF THE SENATE |
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____________________________ KENNETH T. HIRAKI, Co-Chair |
____________________________ RON MENOR, Chair |
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____________________________ BLAKE K. OSHIRO, Co-Chair |
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____________________________ NATHAN SUZUKI, Co-Chair |
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