HB 343-PREMIUM FINANCE COMPANIES : EXAM REQS    3:40:39 PM CHAIR KITO announced that the next order of business would be HOUSE BILL NO. 343, "An Act relating to examination of premium finance companies." 3:40:48 PM MIKE NAVARRE, Commissioner Designee, Department of Commerce, Community & Economic Development (DCCED), introduced HB 343 on behalf of the House Rules Committee by request of the governor. He explained that HB 343 would exempt premium finance companies from the 18-month examination requirement. 3:42:01 PM CHAIR KITO commented that he would cautiously support the proposed bill. He said he would encourage the department to ensure there would be at least some kind of verification that there are no issues going into the future. 3:42:44 PM REPRESENTATIVE SULLIVAN-LEONARD asked why the proposal was to do away with an examination as opposed to changing it up to a two- year or three-year period. COMMISSIONER DESIGNEE NAVARRE said that no issues had been identified and it was thought renewal examinations would be sufficient. 3:44:28 PM PATRICE WALSH, Chief Examiner, Division of Banking and Securities, Department of Commerce, Community & Economic Development (DCCED), answered questions in the hearing on HB 343. She confirmed that there are two [review] opportunities with the licensed group. She stated the groups submit information for review on December 31 by way of renewal and March 15 when they submit an annual report. She reiterated the aim was to best use the division's resources. 3:45:43 PM REPRESENTATIVE JOSEPHSON asked whether the recommendation came from the companies or from department staff. COMMISSIONER DESIGNEE NAVARRE answered that he thought it came from staff as a way to better utilize their resources. MS. WALSH confirmed it came from staff. 3:46:26 PM CHAIR KITO closed public testimony on HB 343. 3:46:36 PM REPRESENTATIVE WOOL moved to report HB 343 out of committee with individual recommendations and the accompanying fiscal notes. There being no objection, it was so ordered.