HI HR79

Requests the Insurance Commissioner to conduct a study of alternative insurance models for condominium associations and unit owners in Hawaii to address insurance affordability and availability issues.

Directs study to develop comprehensive standards for condominium associations to obtain property insurance through mutual insurance models, including financial and maintenance requirements.

Requires evaluation of building life insurance as an alternative model, including 60-year minimum coverage periods, mandatory maintenance schedules, reserve fund requirements, and escrow account provisions for premium payments.

Specifies that building life insurance model must consider construction materials, building facade composition, maintenance schedules, and other factors when setting premiums, with clear and predictable premium step increases.

Requires Insurance Commissioner to submit findings, recommendations, and any proposed legislation to the Legislature no later than twenty days before the Regular Session of 2026.