Bill Text: HI HCR144 | 2018 | Regular Session | Introduced

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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 2-0)

Status: (Introduced - Dead) 2018-03-13 - Referred to CPC, FIN, referral sheet 39 [HCR144 Detail]

Download: Hawaii-2018-HCR144-Introduced.html

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HOUSE OF REPRESENTATIVES	H.C.R. NO.	144
TWENTY-NINTH LEGISLATURE, 2018
STATE OF HAWAII

HOUSE 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 drafted in 1988 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 in innovative insurance products, services, and technologies hold great promise for improving the mitigation of risks; improving efficiencies; reducing costs of insurance transactions; speeding claims payments; and improving 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 will be able to 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 House of Representatives of the Twenty-ninth Legislature of the State of Hawaii, Regular Session of 2018, the Senate concurring, that the Insurance Commissioner is requested to establish an insurance modernization working group to explore and propose legislation; 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 of Hawaii, representatives from the three largest life insurers operating in the State of Hawaii, 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 develop specific policies to update and modernize Hawaii's property and casualty insurance and life insurance laws; 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.

 

 

 

	OFFERED BY:	_____________________________

Report Title: 

Requests that the Insurance Commissioner establish and convene an insurance modernization working group.