STAND. COM. REP. NO.  1370-08

Honolulu, Hawaii

                , 2008

RE:   H.R. No. 57

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

Sir:

     Your Committee on Consumer Protection & Commerce, to which was referred H.R. No. 57 entitled:

"HOUSE RESOLUTION SUPPORT OF SURPLUS LINES INSURANCE MULTI-STATE COMPLIANCE COMPACT,"

begs leave to report as follows:

     The purpose of this resolution is to support the adoption of the surplus lines insurance multi-state compliance compact and to request that the Insurance Commissioner work with the National Association of Insurance Commissioners in developing proposed legislation for surplus lines insurance multi-state compliance compact to be adopted by the State.

     The adoption of the surplus lines insurance multi-state compliance compact will streamline regulatory requirements by providing for:

     (1)  Exclusive single-state regulatory compliance for multi-state surplus lines and independently procured insurance placements;

     (2)  Uniform premium tax allocation formulas; and

     (3)  A clearinghouse to facilitate the correct calculation; and reporting of premium taxes due to the compacting states.

     As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee concurs with the intent and purpose of H.R. No. 57 and recommends its adoption.

Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,

____________________________

ROBERT N. HERKES, Chair