Bill Text: HI SB2767 | 2012 | Regular Session | Amended

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

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Bill Title: Insurance; Insurance Guaranty Association

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2012-07-10 - (S) Act 250, 7/6/2012 (Gov. Msg. No. 1353). [SB2767 Detail]

Download: Hawaii-2012-SB2767-Amended.html

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STAND. COM. REP. NO.  1612-12

 

Honolulu, Hawaii

                , 2012

 

RE:   S.B. No. 2767

      S.D. 2

      H.D. 1

 

 

 

 

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. 2767, 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 update the Insurance Code to conform with the National Association of Insurance Commissioners' model acts relating to guaranty associations.

 

     The Department of Commerce and Consumer Affairs and Hawaii Insurance Guaranty Association testified in support of this measure.  The American Council of Life Insurers, American Insurance Association, Property Casualty Insurers Association of America, and Ringler Associates provided comments.

 

     Your Committee has amended this measure by:

 

(1)  Changing its effective date to July 1, 2030, to promote further discussion; and

 

(2) Making technical, nonsubstantive amendments for the purposes of 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. 2767, S.D. 2, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2767, S.D. 2, H.D. 1.

 

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

 

 

		____________________________ MARCUS R. OSHIRO, Chair