Bill Text: HI SB2765 | 2012 | Regular Session | Amended
Bill Title: Captive Insurance Companies
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2012-07-10 - (S) Act 253, 7/6/2012 (Gov. Msg. No. 1356). [SB2765 Detail]
Download: Hawaii-2012-SB2765-Amended.html
STAND. COM. REP. NO. 1210-12
Honolulu, Hawaii
, 2012
RE: S.B. No. 2765
S.D. 2
H.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-Sixth State Legislature
Regular Session of 2012
State of Hawaii
Sir:
Your Committee on Consumer Protection & Commerce, to which was referred S.B. No. 2765, S.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO CAPTIVE INSURANCE COMPANIES,"
begs leave to report as follows:
After careful consideration, your Committee has amended this bill by:
(1) Clarifying the definition of "class 1 company" to mean a pure captive insurance company that is designated and licensed in Hawaii to write business only as a reinsurer;
(2) Clarifying that a domestic captive insurance company may transfer its domicile to any type of jurisdiction, not only a state or country; and
(3) Making technical, nonsubstantive amendments for purposes of clarity, consistency, and style.
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 S.B. No. 2765, S.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2765, S.D. 2, H.D. 1, and be referred to the Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,
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____________________________ ROBERT N. HERKES, Chair |
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