STAND. COM. REP. NO.  826

Honolulu, Hawaii

                , 2011

RE:   H.B. No. 1052

      H.D. 2

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 1052, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO INSURANCE,"

begs leave to report as follows:

     The purpose of this report is to adopt amendments to the Insurance Code to comply with the federal Nonadmitted and Reinsurance Reform Act of 2010 relating to surplus lines insurance and to participate in a multi-state cooperative to collect surplus lines premium taxes and fees and distribute to the individual states their taxes and fees.

     The Department of Commerce and Consumer Affairs supported this bill.

     Your Committee has amended this bill by:

     (1)  Changing its effective date to July 1, 2030, to promote further discussion; and

     (2)  Making technical, nonsubstantive amendments for clarity, consistency, and style.

     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. 1052, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1052, H.D. 2.

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

____________________________

MARCUS R. OSHIRO, Chair