Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

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. 2887, S.D. 2, H.D. 2, 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 adopt the National Association of Insurance Commissioners' Interstate Insurance Compact (Compact).

Your Committee on Conference finds that the adoption of the Compact will improve speed-to-market conditions for insurance investment products by establishing uniform standards and a single point of filing for product review, thereby making new products available for sale sooner to consumers. Additionally, the Compact will enable state regulators to share best practices and utilize their resources more efficiently, and help to level the playing field among entities offering investment products.

Your Committee on Conference has amended this measure to take effect on January 1, 2005, and by making technical amendments for purposes of consistency and style.

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. 2887, S.D. 2, H.D. 2, as amended herein, and recommends that it pass Final Reading in the form attached hereto as S.B. No. 2887, S.D. 2, H.D. 2, C.D. 1.