Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

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. 1200, S.D. 1, H.D. 1, entitled:

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 authorize additional persons to act as signatories on a captive insurer's letter of financial condition, clarify the applicability of certain insurance code provisions to captives, and make other clarifying amendments, including the replacement of existing language with more appropriate terminology.

Your Committee finds that this measure will establish greater internal consistency within article 19 of the insurance code and further enhance Hawaii's attractiveness as a captive insurance company domicile.

Your Committee made technical amendments to this measure to correct paragraph and section numbers.

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. 1200, S.D. 1, H.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as S.B. No. 1200, S.D. 1, H.D. 1, C.D. 1.