STAND. COM. REP. NO. 864
Honolulu, Hawaii
, 2005
RE: H.B. No. 160
H.D. 2
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Third State Legislature
Regular Session of 2005
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 160, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO THE COMPLIANCE RESOLUTION FUND,"
begs leave to report as follows:
The purpose of this bill is to:
(1) Provide a formula for determining assessments to be paid by each line of insurance regulated under the Insurance Code;
(2) Cap the assessments at a total of $2,000,000 per fiscal
year; and
(3) Require the Auditor to perform an annual financial and
management audit of the insurance regulation sub-account of the Compliance Resolution Fund.
The Hawaii Insurers Council and Hawaii Medical Service Association supported this bill. The Department of Commerce and Consumer Affairs opposed this measure. The American Council of Life Insurers and NAIFA Hawaii provided comments on this measure.
Your Committee has amended this bill by:
(1) Changing the effective date to July 1, 2010, to promote
further discussion; and
(2) Making technical, nonsubstantive amendments for clarity,
consistency, and style.
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 H.B. No. 160, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 160, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT TAKAMINE, Chair |
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