Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Consumer Protection and Commerce, to which was referred H.B. No. 1762 entitled:

begs leave to report as follows:

The purpose of this bill is to allow insurance rate reductions to take effect when filed, subject to the subsequent approval of the State Insurance Commissioner.

Testimony in support of this bill was provided by State Farm Insurance Companies. The Insurance Commissioner of the Department of Commerce and Consumer Affairs supported the intent of this bill and stated concerns.

Your Committee finds that the Insurance Commissioner was specifically concerned about the consistency of terminology and felt that the 30-day review period was too short.

Your Committee has amended the bill to address these concerns. The review period will remain at 90 days and his suggestions on terminology were adopted.

As affirmed by the record of votes of the members of your Committee on Consumer Protection and Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1762, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1762, H.D. 1, and be placed on the calendar for Third Reading.