STAND. COM. REP. 1431
Honolulu, Hawaii
, 2003
RE: S.B. No. 574
S.D. 1
H.D. 2
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 S.B. No. 574, S.D. 1, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO CAPTIVE INSURANCE,"
begs leave to report as follows:
The purpose of this bill is to ensure regulatory oversight of the captive insurance industry by:
(1) Establishing and funding three permanent insurance examiner positions in the Captive Insurance Administrative Branch of the Insurance Division of the Department of Commerce and Consumer Affairs (DCCA); and
(2) Providing that the Captive Insurance Administrator report directly to the Insurance Commissioner.
The Chair of the Hawaii Captive Insurance Council testified in support of this bill. DCCA supported the bill with amendments.
Your Committee has amended this bill by inserting $1 appropriations for the purpose of continued discussion.
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. 574, S.D. 1, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 574, S.D. 1, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT Y. TAKAMINE, Chair |
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