HI SCR137

Request that the Insurance Commissioner 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 1987.

Working group composition includes 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 is tasked with addressing technological improvements and consumer expectations in the insurance industry, including innovations that could improve risk mitigation, reduce costs, speed claims payments, and increase customer satisfaction.

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

Recognize that strict application of existing insurance requirements may produce unintended results when new technologies and innovative products are tested in Hawaii's regulated insurance marketplace.