Metcalf was instrumental in managing the auto insurance reforms through the legislature. State actuary Martin Simons said that he expects Hawaii's position to continue to improve when the NAIC's report is released next year. This year's report does not yet include the substantial additional rate decreases that were approved by the State Insurance Division in 1999 and 2000. Capturing the Captive Insurance Market J oining the ranks of world class financial centers such as Singapore, Luxembourg and Bermuda, Hawaii now ranks among the world's top ten locations for captive insurance companies. Governor Ben Cayetano recently signed into law further legislation to solidify Hawaii's position in a fast changing global marketplace.
Captive insurance is a formalized approach to self-insurance.
This, in turn, creates specialized jobs for insurance managers, accountants, auditors, banking and investment managers and attorneys throughout the islands. Hawaii is now home to approximately 82 captive insurance firms. Metcalf says the key to Hawaii's success in the captive insurance marketplace has been a flexible and prudent regulatory environment. Insurance Commissioner Metcalf pledges to continue to develop the industry by meeting the changing needs of consumers, while maintaining sufficient authority for prudent oversight. Governor Vetoes Faulty Prison Bill G overnor Ben Cayetano vetoed a bill that would have allowed for a privatized prison facility on the grounds that the legislation contained confilicting conditions that would have made it difficult to accomplish its goal.