Loading chat...
HI HB253
Bill
Status
1/17/2025
Primary Sponsor
Scot Matayoshi
Click for details
AI Summary
-
Amends Hawaii Revised Statutes Chapter 431, Article 14 to allow admitted insurers to offer condominium master insurance or hurricane insurance policies at no more than 50% of the surplus lines insurer's rate.
-
Requires the condominium association to have been covered by a surplus lines insurer for at least three years prior to switching to an admitted insurer.
-
Limits the discounted rate period to a maximum of six years.
-
Permits admitted insurers to require condominiums to deposit funds in replacement reserves or complete specified maintenance and repairs as conditions of the reduced rate.
-
Effective July 1, 3000.
Legislative Description
Relating To Insurance.
Condominiums
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Cochran, Kong, Ward excused (3).
2/7/2025