Report Title:
Pooled Insurance
Description:
Repeals the provision that allows pooled insurance to be limited to constuction projects that are estimated to cost $50,000,000 or more.
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THE SENATE |
S.B. NO. |
753 |
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TWENTY-THIRD LEGISLATURE, 2005 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO POOLED INSURANCE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 431:10-222.5, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) Insurers may offer pooled insurance [which] that allows liability insurance and all other types of insurance required by law[, not including prepaid health insurance,] to be obtained for a construction project[.]; provided that prepaid health insurance shall not be offered as pooled insurance. Pooled insurance may be purchased by:
(1) The State and its public instrumentalities for specific public works construction projects[, or any];
(2) Any other construction project in the public interest [which] that is publicly financed in whole or in part; or
[(2)] (3) A private person or legal entity subject to the State's tax laws for a specific construction project.
[Pooled insurance shall be limited to those construction projects that are estimated to cost $50,000,000 or more for the total construction project.]"
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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BY REQUEST |