Lawyer Monthly - March 2022

MAR 2022 | WWW.LAWYER-MONTHLY.COM for the State of Hawaii. In the United States, each state regulates the insurance business, while most other financial services are primarily regulated by the federal government. As a result, I oversaw regulation of domestic, national, and international companies doing business in Hawaii. We brought in a number of companies to provide new options for the people of Hawaii, including Dong Bu, one of the largest Korean insurance companies. Dong Bu entered Hawaii under a model Port of Entry law that I shepherded through the legislature. I also began the review of health insurance premium rates and pushed to wrap up several estates of companies in liquidation that returned 100 cents on the dollar to claimants. In addition, I represented the US insurance regulators in testifying before Congress and joining the US Trade Representative in successful negotiations with the government of Japan to privatise Kanpo, their postal insurance company (at the time the biggest insurer in the world). You have had a storied career both in private practice and in the public sector. Could you give us a brief history of the government roles you have held? I joined the Maui County Office of Corporation Counsel as a Deputy Corporation Counsel advising the Departments of Finance and Budget. After three years, I was appointed Corporation Counsel, overseeing a staff of 11 attorneys plus support staff including a paralegal and investigator. We had significant victories in court over Dow Chemical and Occidental Petroleum and the US Environmental Protection Agency and helped the Mayor and Directors of county departments achieve numerous initiatives to benefit the citizens of Maui. After a few years as a partner in the law firm of Crockett Nakamura & Schmidt, I was appointed Insurance Commissioner MY LEGAL LIFE - JP SCHMIDT From Insurance Commissioner to Blockchain Adviser: A Career of Many Challenges This month we have the pleasure of hearing from JP Schmidt, whose work in the legal sector has been studded with remarkable achievements both in the US and abroad. Below, Mr Schmidt takes us through his career journey and explains the difference his work has made to the insurance landscape of Hawaii and the still-developing Ethereum blockchain. Accomplishing a variety of good results for society while in compliance with the numerous additional laws that apply to government attorneys requires creativity, intensive research and persistence – and seeing the benefits in your community is very rewarding. 19

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