HI HR71

Requests the Insurance Commissioner to convene an insurance modernization working group to explore and propose legislation updating Hawaii's property and casualty insurance and life insurance laws.

Hawaii's Insurance Code (Chapter 431, HRS) was originally drafted in 1987 and has not been substantively updated to account for technological innovations such as the Internet and smartphones.

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

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

Resolution recognizes that modernization could improve risk mitigation, reduce transaction costs, expedite claims payments, and expand insurance accessibility while allowing for testing of innovative business models.