STAND. COM. REP. NO. 1253-18

Honolulu, Hawaii

, 2018

RE: S.B. No. 2493

S.D. 2

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

Sir:

Your Committee on Consumer Protection & Commerce, to which was referred S.B. No. 2493, S.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO INSURANCE,"

begs leave to report as follows:

The purpose of this measure is to postpone the implementation of certain provisions of Act 152, Session Laws of Hawaii 2017, that conforms Hawaii's insurance producer licensing requirements to national model standards by eliminating the ability of insurance producers to appoint other producers to act as an agent of an insurer.

The Hawaii Insurers Council and National Association of Insurance and Financial Advisors testified in support of this measure. The Insurance Division of the Department of Commerce and Consumer Affairs provided comments.

Your Committee has amended this measure by changing its effective date to July 1, 2050, to promote further discussion.

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. 2493, S.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2493, S.D. 2, H.D. 1, and be referred to your Committee on Finance.

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

____________________________

ROY M. TAKUMI, Chair