HI HB255

Requires insurers to provide automatic written premium change notices to condominium associations, planned community associations, and cooperative housing corporations in Hawaii at least a specified number of calendar days before policy renewal if premiums increase by a specified percentage or more.

Premium change notices must include reasonable explanations and primary factors for increases, specifically covering water damage claims, wastewater plumbing replacements, fire safety devices and practices, directors' and officers' liability claims, reinsurance costs, and catastrophic losses to the insurance industry.

Insurers must include a statement in notices that policyholders may request additional information and must respond to such requests within a specified number of calendar days; notices may be sent via postal mail or electronic mail if the policyholder consents.

Requires insurers to file electronically with the insurance commissioner a copy of any premium change notice provided to policyholders; failure to send notices or file copies is a violation of insurance law.

Requires insurers that renewed policies for eligible policyholders between January 1, 2022 and December 31, 2024 with premium increases of a specified percentage or more to submit written explanations to the insurance commissioner and policyholders within a specified number of days after the act takes effect; directs the commissioner to report findings and recommendations to the legislature by a specified deadline.