Report Title:
Asia-Pacific Risk Management and Insurance Program
Description:
Establishes the Asia-Pacific Risk Management and Insurance Program at the University of Hawaii at Manoa.
|
THE SENATE |
S.B. NO. |
749 |
|
TWENTY-THIRD LEGISLATURE, 2005 |
||
|
STATE OF HAWAII |
||
|
|
A BILL FOR AN ACT
RELATING TO THE ASIA-PACIFIC RISK MANAGEMENT AND INSURANCE PROGRAM.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that Hawaii has established a reputation as one of the world's top ten domiciles for captive insurance companies and is the premier domicile in the Pacific Basin with over one hundred active licensees. Hawaii's largest employers, as well as United States and foreign-based regional and multinational companies from a diverse range of industries, are among those forming captive insurance companies in Hawaii.
While the insurance division of the department of commerce and consumer affairs has been successful in its efforts to attract captive insurance companies, much more can be done to secure Hawaii's position as a leader in the insurance industry in the Pacific Rim. Recognizing Hawaii's leadership potential in the insurance industry, the legislature adopted S.C.R. No. 136 (2004), which requested the board of regents of the University of Hawaii to establish an Asia-Pacific risk management and insurance program ("APRMIP") within the college of business administration at the University of Hawaii at Manoa.
Collaboration between the University of Hawaii and the insurance division under APRMIP would enable the State of Hawaii to become the center for insurance research activities in the Pacific Rim. The program would provide a meeting place for regulators, industry leaders, and experts to address insurance policy issues, as well as provide training and educational opportunities for insurance professionals.
The purpose of this Act is to statutorily establish the APRMIP within the college of business administration at the University of Hawaii at Manoa.
SECTION 2. Chapter 304, Hawaii Revised Statutes, is amended by adding a new subpart to part II to be appropriately designated and to read as follows:
" . ASIA-PACIFIC RISK MANAGEMENT AND INSURANCE PROGRAM
§304-A Asia-Pacific risk management and insurance program; established. (a) There is established within the University of Hawaii college of business administration the Asia-Pacific risk management and insurance program.
(b) The board of the regents shall direct the activities of the Asia-Pacific risk management and insurance program and may hire staff as necessary without regard to chapter 76.
§304-B Functions. The Asia-Pacific risk management and insurance program shall:
(1) Collect and analyze data and prepare and disseminate written reports and recommendations regarding the current and future status and trends in the areas of risk management and insurance including, but not limited to, advice and counsel to the insurance commissioner on issues relating to the regulation of the insurance industry;
(2) Serve as a clearinghouse for risk management and insurance matters in the State;
(3) Promote public understanding of issues relating to risk management and insurance through means including, but not limited to, sponsoring public seminars and appearances at other public events;
(4) Provide credit and non-credit risk management and insurance studies courses; and
(5) Develop and implement a risk management and insurance studies degree program or programs in the University of Hawaii system.
§304-C Collaboration. The University of Hawaii's William S. Richardson school of law, the insurance division of the department of commerce and consumer affairs, and risk management and insurance organizations shall collaborate with the Asia-Pacific risk management and insurance program by providing data to the program when requested."
SECTION 3. In codifying the new sections added by section 2 of this Act, the revisor of statutes shall substitute appropriate section numbers for the letters used in designating the new sections in this Act.
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect upon its approval.
|
INTRODUCED BY: |
_____________________________ |
|
BY REQUEST |