HB 942 Summary

• Requires public adjuster contracts to be in writing with specified terms including service descriptions, compensation details, bonding attestation, and insured contact information, with prohibition on certain terms like requiring sole-named checks or collection fees.

• Grants insureds a three business day right to rescind public adjuster contracts with full refund of any value given within fifteen business days of cancellation notice.

• Establishes standard of conduct requirements for limited line license holders (motor vehicle rental companies, self-service storage facilities, and vendors) to act in good faith, abstain from deception, and practice honesty in all insurance matters.

• Authorizes the insurance commissioner to waive or modify fees by order upon showing of good cause across multiple insurance regulatory areas including surplus lines brokers, pharmacy benefit managers, and health insurance entities.

• Makes technical and clarifying amendments including electronic filing requirements for surplus lines statements, replacement of payment system references with National Association of Insurance Commissioners' Online Premium Tax system, and modifications to the Hawaii Joint Underwriting Plan board composition.