Bill Text: HI HB2286 | 2010 | Regular Session | Amended

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Bill Title: Captive Insurance Companies

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2010-02-26 - (S) Referred to CPN. [HB2286 Detail]

Download: Hawaii-2010-HB2286-Amended.html

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STAND. COM. REP. NO.  409-10

 

Honolulu, Hawaii

                , 2010

 

RE:   H.B. No. 2286

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

 

Sir:

 

     Your Committee on Consumer Protection & Commerce, to which was referred H.B. No. 2286 entitled:

 

"A BILL FOR AN ACT RELATING TO CAPTIVE INSURANCE COMPANIES,"

 

begs leave to report as follows:

 

     The purpose of this bill is to help captive insurance companies maintain competitiveness by, among other things:

 

     (1)  Amending the frequency of statutorily required captive insurance company examinations to once every five years, unless otherwise required by the Insurance Commissioner (Commissioner);

 

     (2)  Requiring risk retention captive insurance companies to undergo examination within three years of formation; and

 

     (3)  Clarifying that protected cell accounts established by sponsored captive insurance companies are to be organized and operated under specified forms authorized by the Commissioner.

 

     The Commissioner, Hawaii Captive Insurance Council, Beecher Carlson, and many concerned individuals supported this bill.

 

     As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2286 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

 

Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,

 

 

		____________________________ ROBERT N. HERKES, Chair