Hawaii working to improve business climate for insurers

Hawaii is working to improve business conditions for insurers, brokers and agents, according to Jeffrey P. Schmidt, the state’s insurance commissioner. Schmidt recently addressed a crowd at the opening breakfast at the 80th annual meeting of the American Association of Managing General Agents (AAMGA) in Ka’anapali, Hawaii.

According to Schmidt, the state is working to make laws conform more and be reciprocal with other states so that Hawaii becomes more business friendly. “We want to make this a better business environment for insurers in a global industry. We recognize the need to be more efficient,” he said.

Schmidt said creating a friendlier environment is important for the state because internationally, Hawaii is one of the top 10 domiciles for captives. The state also ranks No. 2 in the United States for captive assets. Additionally, “Hawaii has developed a good relationship with other countries in the Pacific Rim and aims to be a very important player in the global insurance market. We are a port of entry for other insurers to access markets in the United States,” Schmidt said.

In addition to adapting laws to assist the industry, Schmidt said the state also is working with the local university to develop education and training in insurance and risk management. “Everyone recognizes the real importance of insurance these days,” he said.

The 80th annual AAMGA meeting was held at the Hyatt Regency Maui in Ka’anapali, Hawaii. Web site: www .aamga.org.