CONFERENCE COMMITTEE REP. NO. 12

Honolulu, Hawaii

, 2019

RE: S.B. No. 1210

S.D. 1

H.D. 1

C.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Thirtieth State Legislature

Regular Session of 2019

State of Hawaii

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirtieth State Legislature

Regular Session of 2019

State of Hawaii

Sirs:

Your Committee on Conference on the disagreeing vote of the Senate to the amendments proposed by the House of Representatives in S.B. No. 1210, S.D. 1, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO INSURANCE,"

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

The purpose of this measure is to adopt the National Association of Insurance Commissioners' (NAIC) Corporate Governance Annual Disclosure Model Act and revisions to the Insurance Holding Company System Regulatory Act to meet accreditation requirements.

Your Committee on Conference finds that this measure updates and improves various areas of the State's insurance laws and is necessary to maintain accreditation with the NAIC. Specifically, this measure adopts the NAIC's Corporate Governance Annual Disclosure Model Act, which ensures that sufficient information on insurers' corporate governance standards is available to assess insurer solvency on an annual basis. This measure also adopts revisions to the NAIC's Insurance Holding Company System Regulatory Act, which provides clear legal authority to a designated state to act as the group-wide supervisor for an internationally active insurance group.

Your Committee on Conference has amended this measure by changing its effective date to January 1, 2020.

As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of S.B. No. 1210, S.D. 1, H.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as S.B. No. 1210, S.D. 1, H.D. 1, C.D. 1.

Respectfully submitted on behalf of the managers:

ON THE PART OF THE HOUSE

ON THE PART OF THE SENATE

____________________________ ROY M. TAKUMI Co-Chair	____________________________ ROSALYN H. BAKER Chair
____________________________ NADINE K. NAKAMURA Co-Chair