HI HCR144

Request the Insurance Commissioner to establish an insurance modernization working group to explore and propose legislation updating Hawaii's property, casualty, and life insurance laws, which have not been substantively updated since 1988.

Require the working group to include representatives from the five largest property and casualty insurers operating in Hawaii, the three largest life insurers, Hawaii Independent Insurance Agents Association, National Association of Insurance and Financial Advisors, and Hawaii Association for Justice.

Direct the working group to develop specific policies modernizing Hawaii's insurance laws to accommodate technological improvements and innovative insurance products and services.

Require the working group to submit a written report with findings, recommendations, and proposed legislation to the Legislature no later than twenty days prior to the convening of the Regular Session of 2019.

Address the need to update insurance regulations to account for technological advances like the Internet and smartphones, and to encourage innovation that can expand insurance markets and improve accessibility for consumers.