HI HB2056

Establishes a State Reinsurance Exploratory Working Group within the Department of Commerce and Consumer Affairs to address rising insurance costs for Hawaii consumers, particularly in response to catastrophic events like the August 2023 Maui wildfires.

Working group membership includes the insurance commissioner (chair), director of taxation, one senate-appointed member, one house-appointed member, and invited representatives from insurance companies, reinsurance firms, Hawaii Association of Realtors, Hawaii Insurers Council, banks, and mortgage lenders.

Working group shall evaluate existing insurance programs, assess regulatory gaps, review risk assessment capabilities, identify stakeholder collaboration opportunities, develop best practices, and establish ongoing monitoring mechanisms for market dynamics.

Requires the working group to submit findings, recommendations, and proposed legislation to the legislature no later than twenty days prior to the 2025 regular session.

Appropriates general revenue funds for fiscal year 2024-2025 administrative costs (amount not specified in bill); declares the appropriation exceeds the state general fund expenditure ceiling and takes effect July 1, 3000.