Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1164, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this bill is to conform the Hawaii Insurance Code and related statutes to the Producer Licensing laws of Act 216, Session Laws of Hawaii 2001. These revisions will update insurance licensing laws and provide uniformity and reciprocity with the laws of other states, as mandated by the federal Gramm-Leach-Bliley Act.

The Department of Commerce and Consumer Affairs, NAIFA Hawaii, and the Hawaii Independent Insurance Agents Association testified in support of this measure. The American Council of Life Insurers submitted comments.

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 H.B. No. 1164, H.D. 1, and recommends that it pass Third Reading.