Loading chat...
HI SCR48
Concurrent Resolution
AI Summary
-
Requests the Department of Commerce and Consumer Affairs to survey associations of apartment owners for 309 condominium properties subject to Honolulu Ordinances Nos. 19-4 and 22-2 regarding fire sprinkler installation requirements.
-
Directs the department to determine whether Massachusetts' captive insurance approach could address skyrocketing insurance premiums, which have increased sharply since 2021 despite fire safety improvements and sprinkler system installations.
-
Requires the survey to identify which properties have filed sprinkler installation notices, conducted life safety evaluations, and sustained increased insurance premiums since 2020, including year-over-year percentage increases.
-
Mandates an interim report within six months after adoption containing compiled survey data and a final report by 20 days prior to the 2024 Regular Session with findings, recommendations, and proposed legislation on a Massachusetts-style captive insurance system.
-
Requests the department consult with condominium property management companies, Hawaii Captive Insurance Council, Hawaii Council of Community Associations, Kokua Council, and the Hawaii Chapter of the Community Associations Institute in developing recommendations.
Legislative Description
Requesting That The Department Of Commerce And Consumer Affairs Compile Pertinent Data To Determine The Appropriate Scope Of A Study Analyzing Whether Implementation In This State Of Laws Similar To Captive Insurance Laws Of Massachusetts Would Address This State's Residential Condominium Property Insurance Needs.
Department of Commerce and Consumer Affairs
Last Action
Certified copies of resolutions sent.
5/22/2023