STAND. COM. REP. NO. 1024
Honolulu, Hawaii
, 2013
RE: S.B. No. 1072
S.D. 2
H.D. 1
Honorable Joseph M. Souki
Speaker, House of Representatives
Twenty-Seventh State Legislature
Regular Session of 2013
State of Hawaii
Sir:
Your Committee on Consumer Protection & Commerce, to which was referred S.B. No. 1072, S.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO INSURANCE,"
begs leave to report as follows:
(1) Updates standards and other financial analysis solvency tools used to determine if insurers transacting business in the State pose a hazard to the public, policy holders, or creditors;
(2) Authorizes the Insurance Commissioner to correct corporate governance practice deficiencies, request business plans, and adjust insurer premiums as corrective measures for hazardous insurers; and
(3) Updates the applicability of certain Insurance Code provisions to risk retention captive insurance companies.
Your Committee has amended this measure by:
(1) Establishing a thirty-day window for an insurer to request an administrative hearing to contest a regulatory action taken by the Insurance Commissioner;
(2) Changing its effective date to July 1, 2112, to encourage further discussion; and
(3) Making technical, nonsubstantive amendments for clarity, consistency, and style.
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 is in accord with the intent and purpose of S.B. No. 1072, S.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1072, S.D. 2, H.D. 1, and be referred to the Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,
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____________________________ ANGUS L.K. McKELVEY, Chair |
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