Bill Text: HI SCR137 | 2018 | Regular Session | Amended
Bill Title: Requesting That The Insurance Commissioner Establish And Convene An Insurance Modernization Working Group To Update And Modernize Hawaii's Property, Casualty, And Life Insurance Laws.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Engrossed - Dead) 2018-04-16 - Report adopted; referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Kobayashi, Lowen, McKelvey, Mizuno, Nakamura, Quinlan, Tokioka excused (7). [SCR137 Detail]
Download: Hawaii-2018-SCR137-Amended.html
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THE SENATE |
S.C.R. NO. |
137 |
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TWENTY-NINTH LEGISLATURE, 2018 |
S.D. 1 |
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STATE OF HAWAII |
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SENATE CONCURRENT
RESOLUTION
REQUESTING THAT THE INSURANCE COMMISSIONER ESTABLISH AND CONVENE AN INSURANCE MODERNIZATION WORKING GROUP TO UPDATE AND MODERNIZE HAWAII'S PROPERTY, CASUALTY, AND LIFE INSURANCE LAWS.
WHEREAS, Hawaii's Insurance Code, codified as chapter 431, Hawaii Revised Statutes, was originally adopted in 1987 and has not been substantively updated to account for technological improvements such as the Internet and smart phones; and
WHEREAS, technology and consumer expectations are rapidly transforming the regulated insurance industry; and
WHEREAS, substantial investments are being made in innovative insurance products, services, and technologies, which have great potential to improve the mitigation of risks; improve efficiencies; reduce costs of insurance transactions; speed up claims payments; and improve overall customer understanding of, and satisfaction with, this essential form of financial protection; and
WHEREAS, some innovations are likely to disrupt current insurance business models and introduce new and more efficient ways of doing business; and
WHEREAS, by actively engaging with, and encouraging, the piloting and testing of new and innovative ways of delivering insurance to businesses and consumers, the State can expand insurance markets, particularly by making insurance transactions more accessible for first-time insurance buyers; and
WHEREAS, strict application of uniformly applicable requirements can lead to unintended results when new and innovative technologies, products, and services are first tested in a closely regulated marketplace such as insurance; now, therefore,
BE IT RESOLVED by the Senate of the Twenty-ninth Legislature of the State of Hawaii, Regular Session of 2018, the House of Representatives concurring, that the Insurance Commissioner is requested to establish an insurance modernization working group to explore and propose specific legislation to update and modernize Hawaii's property, casualty, and life insurance laws; and
BE IT FURTHER RESOLVED that the Insurance Commissioner is requested to invite representatives from the five largest property and casualty insurers operating in the State, representatives from the three largest life insurers operating in the State, one representative from the Hawaii Independent Insurance Agents Association, one representative from the National Association of Insurance and Financial Advisors, and one representative from the Hawaii Association for Justice to comprise the insurance modernization working group; and
BE IT FURTHER RESOLVED that the insurance modernization working group is requested to submit a written report of its findings and recommendations, including any proposed legislation, to the Legislature no later than twenty days prior to the convening of the Regular Session of 2019; and
BE IT FURTHER RESOLVED that a certified copy of this Concurrent Resolution be transmitted to the Insurance Commissioner, who is then requested to transmit copies to all entities and organizations invited to participate in the insurance modernization working group.
Insurance Commissioner; Insurance Modernization Working Group; Property, Casualty, and Life Insurance.
