Senate Standing Committee on Commerce and Consumer Protection

Good morning and welcome to the Hawaii State Senate Committee on Commerce and Consumer Protection. This is our Friday, February 120259:45am agenda and Conference Room 2 to 9 at the Hawaii State Capitol. This is a decision making agenda on two measures that were heard on the 14th and action was deferred until today.

We've already received and taken testimony, so we are going to recommend action for the full Senate on the two measures. The first is SB 1046 relating to condominiums.

The recommendation on this measure is to pass with amendments adopting the proposed amendments submitted by the Real Estate Commission to clarify language in the Bill and also to limit the requirement proposed in the Bill to managing agents whose contracts involve budget and replacement Reserve responsibilities and who have authority to correspond with unit owners.

So it takes out the smaller associations. We'll also defect effective date of the measure to July 12050 and make technical, non substantive changes. Members, any discussion? Thanks for the amendments. Chair, I addressed some of the issues that came up in the hearing. Thank you. There are no other comments. Vice Chair passing with amendments. Chair votes aye.

Thank you. Vice Chair also votes Aye. Senator McKelvey, Senator Richards, Senator Awa.

Aye.

Measure is adopted.

Thank you very much. The next measure is SB 1050 relating to insurance.

This is Members, this is the captive insurance measure where we had a robust discussion in the hearing between the insurance division and captive insurance companies about some revised language to allow the industry to continue to grow and the state to continue to be able to maintain robust capabilities to regulate these insurers to make sure they're solvent.

So with the Committee's latitude, we're going to pass with amendments. We're going to defect the effective date on this measure to July 12050. And we have received some compromise amendments after the two parties have been discussing things for the last week.

So there are a number of revisions that will provide for the Members and the intention is to keep the dialogue going and hopefully by the end of the session we can have a full agreement and just move the Bill out with everyone's approval. Any discussion?

Just real quickly, I just. Wanted to thank you for this and acknowledge my mentor and former chair, Bob Herkes is the one who brought the captive industry to Hawaii. And maybe next year we can look at what other states are doing and really add on to the momentum we have in the Captiva industry.

But thanks for keeping this film moving. Thank you.

This is one of our bright spot industries. Keep it going. Okay, if there are no other comments or questions, then the recommendation is to pass with amendments. Chair votes.

I thank you. Of the Members present, are there any voting with reservations or objections? Hearing none. Measure is adopted.

Thank you. We're adjourned.