SB805 Summary

• Establishes the Hawaii Condominium Mutual Insurance Company as a domestic mutual insurance company to provide property and casualty insurance to high-rise residential condominiums (buildings with [number] or more stories) and unit owners at lowest possible cost.

• Creates a 9-voting-member board of directors consisting of 8 directors who are policyholder owners/officers/employees and 1 at-large public member, with the company administrator serving as a nonvoting member; initial directors appointed by the governor for one-year terms.

• Establishes an Oversight Council with 5 members including a state senator, representative, commerce director, and 2 at-large members to review company activities annually and report to the governor on whether the company fulfills its stated purpose.

• Creates the Condominium Loan Fund to provide loans to associations experiencing insurance premium increases of [percentage] or more since January 1, [year], with the director of commerce and consumer affairs authorized to make or delegate loan authority to the insurance company.

• Appropriates funds for fiscal years 2025-2026 and 2026-2027 to support the mutual insurance company and loan program; effective date is July 1, 2050, except appropriations provisions effective July 1, 2025.