STAND. COM. REP. 3399

Honolulu, Hawaii

, 2004

RE: S.C.R. No. 136

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committees on Education and Commerce, Consumer Protection and Housing, to which was referred S.C.R. No. 136 entitled:

"SENATE CONCURRENT RESOLUTION REQUESTING THE BOARD OF REGENTS OF THE UNIVERSITY OF HAWAII TO ESTABLISH THE ASIA-PACIFIC RISK MANAGEMENT AND INSURANCE PROGRAM WITHIN THE COLLEGE OF BUSINESS ADMINISTRATION AT THE UNIVERSITY OF HAWAII AT MANOA,"

beg leave to report as follows:

The purpose of this measure is to request the University of Hawaii to establish an Asia-Pacific Risk Management and Insurance Program within the College of Business Administration at the University of Hawaii at Manoa (UHM).

Testimony in support of this measure was submitted by the Hawaii Independent Insurance Agents Association and the co-directors of the Asia-Pacific Financial Markets Research Center at the College of Business Administration at UHM.

Your Committees find that understanding insurance and risk management has become a top priority of corporations as they realize that risk managers do not simply pay the insurance premiums, but must understand all the risks a corporation faces and all the complex alternatives to address those risks. Your Committees further find that Hawaii has established a reputation as one of the world's top ten locations for captive insurance companies and is the premier domicile in the Pacific Basin with over one hundred active licensees.

Because Hawaii has such an established reputation in this area, your Committees believe that UHM is the ideal location to institute a graduate program in risk management and insurance. This graduate program would be the first of its kind in the western U.S., and your Committees further believe that this would set UHM among the nation's top schools of business.

As affirmed by the records of votes of the members of your Committees on Education and Commerce, Consumer Protection and Housing that are attached to this report, your Committees concur with the intent and purpose of S.C.R. No. 136 and recommend its adoption.

Respectfully submitted on behalf of the members of the Committees on Education and Commerce, Consumer Protection and Housing,

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RON MENOR, Chair

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NORMAN SAKAMOTO, Chair