LAHAINA, HAWAII–Hawaii has some work to do in making the state more uniform with the rest of the country, said the state's insurance commissioner, but its ambition is to one day become a global player on the insurance scene.
That was the message from Jeffrey P. Schmidt, Hawaii's insurance commissioner, addressing members of the American Association of Managing General Agents assembled here for the association's 80th annual meeting.
Mr. Schmidt said the state is working to make Hawaii "more friendly and uniform with other states" and a better business environment for insurers.
He said Hawaii firmly supports state regulation, but understands the need for greater efficiency throughout the industry.
To underscore the state's importance in the insurance industry, he said, Hawaii is the 10th largest captive domicile in the world–but if rankings were done by capital assets and not the number of captive entities, Hawaii would be the fifth largest.
One aim of the state is to become the port of entry for alien insurers to the rest of the United States. He said he recently met with officials from China to discuss that nation's insurance industry.
In January, Hawaii authorized the Dongbu Insurance Company, Ltd., a Korean company, to use the state as a port of entry to the U.S. insurance market. The company offers auto and other property-casualty coverage in the state.
Mr. Schmidt said the state is also looking at other initiatives to "make Hawaii business friendly and to be a global player in the insurance market."
Among these is development of a graduate degree program with the University of Hawaii for insurance that he said underscores the state's commitment to the industry's future.
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