Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Commerce, Consumer Protection and Housing, to which was referred H.B. No. 2465, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to merge the Insurance Regulation Fund into the Compliance Resolution Fund.

Testimony supporting this measure was received from the Department of Commerce and Consumer Affairs and the State Insurance Commissioner.

Your Committee finds that the merger of the Insurance Regulation Fund into the Compliance Resolution Fund will provide greater flexibility and efficiency in the administration of departmental funds while not affecting the Department of Commerce and Consumer Affairs' regulatory role, authority, or responsibilities.

Your Committee has amended this measure by replacing its contents with the Senate version, S.B. No. 2723, S.D. 1, which makes technical, nonsubstantive amendments to reflect preferred drafting style, and does not attempt to amend section 431-2:216(a), Hawaii Revised Statutes, twice in the same manner.

As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection and Housing that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2465, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2465, H.D. 1, S.D. 1, and be referred to the Committee on Ways and Means.