STAND. COM. REP. NO.  546

 

Honolulu, Hawaii

                , 2011

 

RE:   H.B. No. 1051

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committees on Consumer Protection & Commerce and Judiciary, to which was referred H.B. No. 1051 entitled:

 

"A BILL FOR AN ACT RELATING TO INSURANCE,"

 

beg leave to report as follows:

 

     The purpose of this bill is to protect consumers, particularly seniors, from abusive financial services practices by adopting model regulations of the National Association of Insurance Commissioners (NAIC) in conformity with senior investor protection in the federal Dodd-Frank Wall Street and Reform and Consumer Protection Act of 2010.

 

     The Department of Commerce and Consumer Affairs and the National Association of Insurance and Financial Advisors supported this measure.  The American Council of Life Insurers testified in support of the intent of this bill.

 

     Your Committees have amended this measure by:

 

     (1)  Amending the definition of "annuity" to reflect the definition used in the NAIC Model Regulation; and

 

     (2)  Making technical, nonsubstantive amendments for consistency and style.


 

 

     As affirmed by the records of votes of the members of your Committees on Consumer Protection & Commerce and Judiciary that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 1051, as amended herein, and recommend that it pass Second Reading in the form attached hereto as H.B. No. 1051, H.D. 1, and be referred to the Committee on Finance.

 

Respectfully submitted on behalf of the members of the Committees on Consumer Protection & Commerce and Judiciary,

 

 

____________________________

GILBERT KEITH-AGARAN, Chair

 

____________________________

ROBERT N. HERKES, Chair