Bill Text: HI SB2765 | 2012 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Captive Insurance Companies

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2012-07-10 - (S) Act 253, 7/6/2012 (Gov. Msg. No. 1356). [SB2765 Detail]

Download: Hawaii-2012-SB2765-Amended.html

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STAND. COM. REP. NO.  1611-12

 

Honolulu, Hawaii

                , 2012

 

RE:   S.B. No. 2765

      S.D. 2

      H.D. 2

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred S.B. No. 2765, S.D. 2, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO CAPTIVE INSURANCE COMPANIES,"

 

begs leave to report as follows:

 

     The purpose of this measure is to maintain Hawaii's position as a major captive insurance domicile by updating and streamlining the state's captive insurance company law and ensuring that risk retention captive insurance companies comply with the accreditation standards of the National Association of Insurance Commissioners.

 

     The Department of Commerce and Consumer Affairs and Hawaii Captive Insurance Council testified in support of this measure.

 

     Your Committee has amended this measure by:

 

     (1)  Changing its effective date to July 1, 2012; and

 

     (2)  Making technical, nonsubstantive amendments for clarity, consistency, and style.

 

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2765, S.D. 2, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2765, S.D. 2, H.D. 2.

 

Respectfully submitted on behalf of the members of the Committee on Finance,

 

 

		____________________________ MARCUS R. OSHIRO, Chair