HI HB75

Increases minimum liability insurance coverage requirements for motor vehicle policies, which have remained unchanged since 1998, citing rising inflation from the COVID-19 pandemic.

Establishes a two-tier implementation: until December 31, 2026, current minimum coverage levels apply; beginning January 1, 2027, new higher minimum amounts take effect (specific dollar amounts to be determined by the legislature).

Requires the insurance commissioner to solicit rate filings from motor vehicle insurers by July 1, 2023 for the initial phase, with rates effective for new and renewal policies on or after July 1, 2024.

Requires a second round of rate filings by January 1, 2026 for the 2027 implementation phase, with rates effective on or after January 1, 2027.

Applies to motor vehicle insurance policies entered into, amended, or renewed on or after the effective date of the Act.