HI HB2163

Amends the definition of "prospective loss costs" in Hawaii insurance law to require use of catastrophe modeling instead of historical aggregate losses as the basis for calculating rates.

Modifies Section 431:14-103(a)(2)(A) to require consideration of only prospective loss experience (rather than both past and prospective loss experience) when establishing insurance rates.

Adds new prohibition in Section 431:14-103(a)(8) that prohibits insurers from basing any rates on past loss experience within or outside the State.

Takes effect upon approval.