STAND. COM. REP. NO. 2042
Honolulu, Hawaii
RE: S.B. No. 2767
S.D. 1
Honorable Shan S. Tsutsui
President of the Senate
Twenty-Sixth State Legislature
Regular Session of 2012
State of Hawaii
Sir:
Your Committee on Commerce and Consumer Protection, to which was referred S.B. No. 2767 entitled:
"A BILL FOR AN ACT RELATING TO INSURANCE,"
begs leave to report as follows:
The purpose and intent of this measure is to update the Insurance Code in conformity with the National Association of Insurance Commissioners' model acts relating to guaranty associations.
Your Committee received testimony in support of this measure from the Insurance Division of the Department of Commerce and Consumer Affairs, American Council of Life Insurers, Hawaii Life and Disability Insurance Guaranty Association, and Hawaii Insurance Guaranty Association.
Your Committee finds that the amendments proposed by this measure will improve the operations of insurance guaranty associations by providing for greater uniformity among states and facilitating greater coordination among Hawaii's various guaranty associations. Your Committee further finds that this measure will provide additional benefits to the State's insurance consumers and will allow the Hawaii Guaranty Association system to fulfill its statutory mandate of protecting Hawaii policyholders and consumers.
Your Committee has amended this measure by making technical, nonsubstantive amendments for the purposes of clarity and consistency.
As affirmed by the record of votes of the members of your Committee on Commerce and Consumer Protection that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2767, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2767, S.D. 1, and be referred to the Committee on Ways and Means.
Respectfully submitted on behalf of the members of the Committee on Commerce and Consumer Protection,
|
|
|
____________________________ ROSALYN H. BAKER, Chair |
|
|
|
|