STAND. COM. REP. NO.  869

Honolulu, Hawaii

                , 2007

RE:   H.B. No. 1322

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 1322 entitled:

"A BILL FOR AN ACT RELATING TO INSURANCE LICENSING,"

begs leave to report as follows:

     The purpose of this bill is to improve insurance licensing by:

(1) Reestablishing issuance and service fees for the limited line motor vehicle rental company producer's license;

(2) Providing that the place of business of licensed adjusters and independent bill reviewers is the place where the licensee principally conducts transactions under the license; and

(3) Require the receipt of a resident insurance producer license application for the State of Hawaii within 90 days of the cancellation of the applicant's out-of-state resident license.

     The Department of Commerce and Consumer Affairs testified in support of this bill.  The American Council of Life Insurers testified in opposition to this measure.

     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. 1322 and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair