Hawaii: NAMIC Submits Testimony Opposing Bill Authorizing Commissioner to Approve Certain Insurance Executives’ Salaries

NAMIC submitted written testimony to the Senate Committee on Commerce and Consumer Protection for the Feb. 27 public hearing opposing SB 524 SD-1 Proposed, which “[r]equires pre-approval from the commissioner for any salary increase granted to any person receiving from an insurer a salary exceeding $1,000,000.”

In its testimony, NAMIC asserted that the “provision is arguably inconsistent with state and federal employment law and contract law, an inappropriate authorization of a labor law regulatory function to the insurance commissioner, an improper use of the insurance commissioner’s regulatory staffing and resources, and a public policy position that could adversely impact availability of insurance in the state for consumers.”

Unfortunately, the bill passed out of committee and is now eligible for a floor vote in the Senate.