Report Title:

Pooled Insurance; Construction Projects

Description:

Repeals the provision in the Insurance Code that limits pooled insurance to construction projects estimated to cost $50,000,000 or more. Effective date July 1, 2099. (HB644 HD1)

HOUSE OF REPRESENTATIVES

H.B. NO.

644

TWENTY-THIRD LEGISLATURE, 2005

H.D. 1

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO POOLED INSURANCE.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 431:10-222.5, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

"(a) Insurers may offer pooled insurance [which] that allows liability insurance and all other types of insurance required by law[, not including prepaid health insurance,] to be obtained for a construction project[.]; provided that prepaid health insurance shall not be offered as pooled insurance. Pooled insurance may be purchased by:

(1) The State and its public instrumentalities for specific public works construction projects[, or any];

(2) Any other construction project in the public interest [which] that is publicly financed in whole or in part; or

[(2)] (3) A private person or legal entity subject to the State's tax laws for a specific construction project.

[Pooled insurance shall be limited to those construction projects that are estimated to cost $50,000,000 or more for the total construction project.]"

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect on July 1, 2099.