SB1044 Summary

• Expands the Hawaii Property Insurance Association and reactivates the Hawaii Hurricane Relief Fund to provide property and hurricane insurance coverage for condominiums and other residential properties when standard market insurance is unavailable.

• Establishes a condominium loan program administered by the Hawaii Green Infrastructure Authority with $20 million in bonding authority and $5 million from the hurricane relief fund to provide low-cost financing for condominium associations to make necessary repairs and maintenance.

• Creates a condominium loan loss reserves program that deposits 5% of loan amounts into reserves at participating community development financial institutions to incentivize competitive lending to condominium associations.

• Replaces the special mortgage recording fee with a temporary recording fee (up to $44 per document) that the Hawaii Hurricane Relief Fund board can activate, reduce, or terminate without legislative action based on capitalization needs.

• Requires the insurance commissioner to study and report long-term solutions for stabilizing Hawaii's property insurance market by 2026-2027, with sunset provisions including abolishment of the condominium loan revolving fund on June 30, 2047.