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HI SR43
Resolution
Status
3/7/2023
Primary Sponsor
Carol Fukunaga
Click for details
AI Summary
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Requests the Insurance Division of the Department of Commerce and Consumer Affairs conduct a study on implementing captive insurance laws similar to Massachusetts' system to address Hawaii's residential condominium property insurance needs
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Study triggered by steep increases in residential condominium property insurance since 2021, partially due to City and County of Honolulu ordinances requiring automatic fire sprinkler systems in certain residential condominium buildings
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Insurance Division must survey condominium property management companies, Department of Commerce and Consumer Affairs, Hawaii Captive Insurance Council, Hawaii Council of Community Associations, Kokua Council, and Hawaii Chapter of the Community Associations Institute
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Requires submission of findings, recommendations, and any proposed legislation to the Legislature no later than twenty days prior to the start of the 2024 regular session
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Directs transmission of a certified copy to the Insurance Commissioner
Legislative Description
Requesting That The Insurance Division Of The Department Of Commerce And Consumer Affairs Conduct A Study Analyzing Whether Implementation In This State Of Laws Similar To Massachusetts' Captive Insurance Laws Would Address This State's Residential Condominium Property Insurance Needs.
Department of Commerce and Consumer Affairs
Last Action
The committee on CPN deferred the measure.
3/16/2023