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HI HB281
Bill
Status
1/23/2015
Primary Sponsor
Mark Hashem
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AI Summary
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Requires the State Auditor to conduct a feasibility study on establishing a captive insurance company to manage Hawaii's property and casualty insurance risks.
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Directs the auditor to use the insurance division's 2001 report on potential captive insurance as a baseline and consult with the comptroller, director of finance, insurance commissioner, and captive insurance experts.
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Study must examine 14 specific areas including initial capital, funding sources, premium rates, five-year financial projections, regulatory compliance, investment philosophy, and pro forma balance sheets.
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Auditor shall submit findings and recommendations to the legislature no later than twenty days before the 2016 regular session convenes.
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Appropriates funds from general revenues for fiscal year 2015-2016 to conduct the feasibility study, effective July 1, 2015.
Legislative Description
State Property and Casualty Captive Insurance Company; Feasibility Study; Auditor ($)
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Takumi excused (1).
2/13/2015