HB 1872 Summary

• Freezes hurricane property insurance rates at January 1, 1992 levels after December 31, 2013, until insurers create and approve geographic-specific disaster maps based on actual hurricane damages and losses.

• Requires new maps to depict actual damages from previous hurricanes without accounting for predicted or anticipated damages.

• Applies to insurers not operating in Hawaii during 1992 by requiring them to charge rates based on average 1992 premiums for similar properties in similar locations.

• Prohibits the insurance commissioner from approving any rate increase filings for hurricane property insurance until the mapping requirements are met.

• Takes effect upon approval.