Sen. Ron Kouchi

PART I - Allows the chairperson of the independent audit committee (IAC) of the University of Hawaii board of regents to be selected in a manner consistent with its bylaws. Clarifies that the responsibility of the IAC as to the university's enterprise risk management is to oversee, rather than engage in the pertinent operations. Exempts from chapter 91 and part I of chapter 92, HRS, discussions between the IAC and internal or external auditors on matters that should remain confidential in accordance with nationally recognized best practices for independent audit committees. Allows the IAC chairperson to determine whether IAC discussions that are exempt from chapter 91 and part I of chapter 92, HRS, may be held without the presence of the president or the chief financial officer of the university. PART II – Requires the IAC to report to the board of regents significant issues pertaining to university operations and programs found in audit reports that warrant corrective or remedial action. Requires the board of regents to ensure that necessary actions are implemented, and the underlying significant issue is appropriately corrected and remedied. (CD1)

Amends the due date for employers to file the wage and tax statement from the last day of February to January 31 following the close of the calendar year. Imposes a penalty on employers that fail to timely furnish and file the wage and tax statement. Effective 1/1/2022. (CD1)

Replaces the four district tax boards of review with a single statewide taxation board of review appointed by the governor, consisting of ten members with three required for quorum. Authorizes taxpayers and others appearing before the board to participate using cost-efficient means such as teleconferencing. (CD1)

Allows mixed martial arts promoters to compensate contestants and their managers in cash. (CD1)

Expands the eligibility of organizations that can receive Communitybased Economic Development (CBED) technical assistance from not just community-based organizations (non-profits), but also includes businesses, particularly those that currently have CBED loans or may apply for a CBED loan in the future. (CD1)

Adopts certain provisions of the National Association of Insurance Commissioners' Producer Licensing Model Act, Public Adjuster Licensing Model Act, Reinsurance Intermediary Model Act, and Independent Adjuster Licensing Model Guidelines to provide consistency and promote efficiency in processing insurance licensing fees, applications, certificates, registrations, and renewals. Effective 1/1/2022. (CD1)

Amends title 14, Hawaii Revised Statutes, to make nonsubstantive changes for clarity and to delete obsolete provisions. (CD1)

Requires resolution of an outstanding federal out-of-service order prior to registration renewals and initial registrations of motor carrier vehicles. Defines "out-of-service order". (CD1)

Clarifies the role of the board of public accountancy in selecting members to serve on the board's peer review oversight committee. (CD1)

Institutes various consumer protections with regard to public adjusters, including requiring contractual terms and disclosures and granting a right to rescind. Imposes a standard of conduct on various entities. Authorizes the insurance commissioner to waive or modify certain fees by order. Reinstates the right to an administrative hearing and appeal from an order. Amends the Hawaii joint underwriting plan board of governors. Lowers the minimum nonforfeiture interest rate. Clarifies that rewards under wellness programs do not qualify as prohibited rebates. (CD1)