Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Finance, to which was referred S.B. No. 2887, S.D. 2, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this bill is to adopt the National Association of Insurance Commissioners' Interstate Insurance Product Regulation Compact. The adoption of this Compact by all 50 states would create a national regulatory system that will have the flexibility to regulate life insurance, annuities, disability income, and long-term care insurance.

The Department of Commerce and Consumer Affairs, NAIFA Hawaii, and the American Council of Life Insurers testified in support of this measure.

Your Committee has amended this bill by:

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