Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Finance, to which was referred S.B. No. 2733, S.D. 2, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this bill is to clarify and update the Insurance Code and other statutes to be consistent with changes made to the Producer Licensing Act which takes effect on July 1, 2002.

The National Association of Insurance and Financial Advisors Hawaii and the American Council of Life Insurers submitted testimony in support of this bill. The Department of Commerce and Consumer Affairs (DCCA) and Hawaii Independent Insurance Agents Association submitted testimony in support of this bill with proposed amendments.

Although this bill is not being amended at this time, your Committee notes that DCCA has proposed amendments to this bill that should receive consideration. Your Committee respectfully requests that the Conference Committee for this bill consider DCCA's proposed amendments when taking action on this legislation.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2733, S.D. 2, H.D. 1, and recommends that it pass Third Reading.