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 S.B. No. 2723 entitled:

begs leave to report as follows:

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

Your Committee received testimony in favor of this measure from the Department of Commerce and Consumer Affairs Insurance Division and Director's Office.

Your Committee finds that the merger would provide a greater efficiency in the administration of departmental funds while not adversely affecting the Department's regulatory role or authority.

Your Committee has amended this measure by making nonsubstantive, technical amendments.

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 S.B. No. 2723, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2723, S.D. 1, and be referred to the Committee on Ways and Means.