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

---

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

---

 

 

CONFERENCE COMMITTEE REP. NO. 9-12

 

Honolulu, Hawaii

                 , 2012

 

RE:    S.B. No. 2767

       S.D. 2

       H.D. 1

       C.D. 1

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2012

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. 2767, S.D. 2, 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 update the Insurance Code in conformity with the National Association of Insurance Commissioners' model acts relating to guaranty associations.

 

     Your Committee on Conference finds that this measure will improve the operations of insurance guaranty associations by providing for greater uniformity among states and facilitating greater coordination among Hawaii's various guaranty associations.  Among other things, this measure clarifies increased limits on covered claims and allows the Hawaii Life and Disability Insurance Guaranty Association the option of assuming an insolvent insurer's reinsurance contracts.

 

     Your Committee on Conference further finds that this measure will provide additional benefits to the State's insurance consumers and will allow the State's insurance guaranty associations to fulfill their statutory purpose of protecting Hawaii policyholders and consumers.

 

     Your Committee on Conference has amended this measure by:

 

     (1)  Clarifying the rights of subrogation and other equitable or legal remedies available to an association by removing language relating to structured settlement annuities;

 

     (2)  Inserting an effective date of July 1, 2012; and

 

     (3)  Making technical, nonsubstantive amendments for the purposes of clarity and consistency.

 

     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. 2767, S.D. 2, H.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as S.B. No. 2767, S.D. 2, 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

 

____________________________ ROBERT N. HERKES, Co-Chair		____________________________ ROSALYN H. BAKER, Chair
____________________________ ISAAC W. CHOY, Co-Chair		____________________________ WILL ESPERO, Co-Chair