Bill Text: HI SB2768 | 2012 | Regular Session | Amended
Bill Title: Insurance; Licensing Requirements
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2012-04-25 - (S) Act 066, 4/24/2012 (Gov. Msg. No. 1167). [SB2768 Detail]
Download: Hawaii-2012-SB2768-Amended.html
STAND. COM. REP. NO. 2581
Honolulu, Hawaii
RE: S.B. No. 2768
S.D. 1
Honorable Shan S. Tsutsui
President of the Senate
Twenty-Sixth State Legislature
Regular Session of 2012
State of Hawaii
Sir:
Your Committee on Ways and Means, to which was referred S.B. No. 2768 entitled:
"A BILL FOR AN ACT RELATING TO INSURANCE,"
begs leave to report as follows:
The purpose and intent of this measure is to conform to unified standards adopted by the National Association of Insurance Commissioners, by eliminating the underlying producer license requirement as a prerequisite for applying and obtaining a surplus lines broker license.
In addition, this measure:
(1) Provides greater clarity and consistency in licensing insurance producers that sell annuity products; and
(2) Clarifies the licensing requirements for reinsurance intermediaries and removes unnecessary licensing conditions.
Your Committee finds that the amendments in this measure would enable the Department of Commerce and Consumer Affairs to more efficiently license surplus lines brokers, insurance producers, and reinsurance intermediaries and to better protect the interests of Hawaii consumers.
Your Committee has amended this measure by 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 Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2768, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2768, S.D. 1.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
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____________________________ DAVID Y. IGE, Chair |
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