Bill Text: HI HB1439 | 2010 | Regular Session | Amended
Bill Title: Life Settlements; Life Insurance
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Enrolled - Dead) 2010-04-12 - (S) Received notice of appointment of House conferees (Hse. Com. No. 558). [HB1439 Detail]
Download: Hawaii-2010-HB1439-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1439 |
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TWENTY-FIFTH LEGISLATURE, 2009 |
H.D. 1 |
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STATE OF HAWAII |
S.D. 1 |
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A BILL FOR AN ACT
RELATING TO INSURANCE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Act 177, Session Laws of Hawaii 2008, is amended by amending section 7 to read as follows:
"SECTION 7. This Act shall take effect upon its
approval, and shall be repealed [two years from the date of its approval.]
on June 16, 2015."
SECTION 2. Life settlements working group. (a) The insurance division of the department of commerce and consumer affairs shall study issues relating to life settlements, including the definition of "insurable interest", the transferability of life insurance policies, and any related issues. The department shall be assisted by a temporary working group, to be placed within the department of commerce and consumer affairs for administrative purposes. The members of the temporary working group shall consist of:
(1) The insurance commissioner or the insurance commissioner's designee, who shall serve as chairperson of the working group;
(2) A member of the life settlement industry;
(3) A member of the American Council of Life Insurers;
(4) A member of the National Association of Insurance Financial Advisors; and
(5) A member of AARP or an organization representing consumers.
(b) The working group shall submit a report of its findings and recommendations, including any implementing legislation, to the legislature no later than twenty days prior to the convening of the regular session of 2011 and shall cease to exist on June 30, 2011.
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on June 15, 2010.
Report Title:
Life Settlements; Life Insurance
Description:
Extends the Life Settlements Act for an additional five years. Establishes a life settlements working group to study life settlement issues, including the definition of "insurable interest". (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
