THE SENATE |
S.B. NO. |
3230 |
THIRTY-SECOND LEGISLATURE, 2024 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO INSURANCE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
(1) The appropriation made in this Act is necessary to serve the public interest; and
(2) The appropriation made in this Act meets the needs addressed by this Act.
SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $ or so much thereof as may be necessary for fiscal year 2024-2025 for the insurance division of the department of commerce and consumer affairs, in collaboration with the university of Hawaii, to procure expertise and develop a physical risk model to assess risk in the State for insurance ratemaking and regulatory purposes.
The sum appropriated shall be expended by the department of commerce and consumer affairs for the purposes of this Act.
SECTION 3. This Act shall take effect on July 1, 2040.
Report Title:
Insurance Division; DCCA; UH; Insurance; Ratemaking; Regulations; Physical Risk Model; Expenditure Ceiling; Appropriation
Description:
Makes an appropriation for the Insurance Division of the Department of Commerce and Consumer Affairs, in collaboration with the University of Hawaii, to procure expertise and develop a physical risk model to assess risk in the State for insurance ratemaking and regulatory purposes. Declares that the general fund expenditure ceiling is exceeded. Takes effect 7/1/2040. (SD1)
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