THE SENATE
THE TWENTY-FOURTH LEGISLATURE
REGULAR SESSION OF 2008
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COMMITTEE ON COMMERCE, CONSUMER PROTECTION, AND AFFORDABLE HOUSING |
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Senator Russell S. Kokubun, Chair |
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Senator David Y. Ige, Vice Chair |
NOTICE OF HEARING
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DATE: |
Thursday, February 14, 2008 |
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TIME: |
9:00 a.m. |
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PLACE: |
Conference Room 229 State Capitol 415 South Beretania Street |
A G E N D A
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RELATING TO INSURANCE. Provides insurers with greater investment flexibility by updating the Insurance Code to reflect the investment strategies, such as stocks, bonds, and notes developed since the Code was last updated in 1987.
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CPH |
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RELATING TO INSURANCE. Adopts National Association of Insurance Commissioners (NAIC) Model provisions relating to the insurers' disclosure of material financial transactions and actuarial reports. The uniform reporting requirements for all insurers is necessary to meet NAIC requirements for accreditation.
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CPH |
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RELATING TO ACTIVITIES REGULATED BY THE INSURANCE COMMISSIONER. Creates uniformity between other states' laws and Hawaii law in regard to licensing requirements. Increases educational requirements to keep a license, automatically inactivates a license if fees are not paid on time, allows reactivation if the fee is paid in 30 days, and broadens the types of reinsurance that can be used to meet the financial obligations of insurance agents.
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CPH |
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RELATING TO MOTOR VEHICLE INSURANCE. Excludes bodily injury coverage for noneconomic damages if the claimant was uninsured, intoxicated, or committing a felony at the time of the accident.
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CPH |
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RELATING TO LIFE INSURANCE. Eliminates insured employees as a source of funding the premiums for employee group life insurance policies. Eliminates requirement that the employee group life insurance policies must cover at least 10 employees at date of issue. Eliminates policy limits against loss due to death of a dependent other than the spouse of the insured employee under an employee group life insurance policy. Excludes from the applicability of laws relating to the replacement of life insurance policies and annuities the exercise among corporate affiliates of a term conversion privilege.
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CPH |
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Decision Making to follow, if time permits.
Persons wishing to testify should submit testimony in one of the following ways at least 24 hours prior to the hearing:
· In person: 1 copy of their testimony to the committee clerk, Room 407, State Capitol.
· By fax: Testimony may be faxed if less than 5 pages in length, to the Senate Sergeant-At-Arms Office at 586-6659 or 1-800-586-6659 (toll free for neighbor islands), at least 24 hours prior to the hearing. When faxing, please indicate to which committee the testimony is being submitted and the date and time of the hearing.
· By Email: Testimony may be emailed if less than 5 pages in length, to the Legislature's Public Access Room at testimony@capitol.hawaii.gov. Please indicate to which committee the testimony is being submitted and the date and time of the hearing. Email sent to individual offices or any other Senate office will not be accepted.
If you require special assistance or auxiliary aids or services to participate in the public hearing process (i.e., sign or foreign language interpreter or wheelchair accessibility), please contact the committee clerk 24 hours prior to the hearing so arrangements can be made.
Please note: Documents made available through the Testimony hyperlink(s) above may not be posted until the start of the hearing.
Public Folder. A folder labeled “Public Folder” containing the measures and testimonies for the hearing will be available for shared use by members of the public.
FOR FURTHER INFORMATION, PLEASE CALL THE COMMITTEE CLERK AT 586-6760.
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________________________________________ Senator Russell S. Kokubun Chair |
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