HI SCR155

Requests the Insurance Commissioner submit a detailed report on the current state of private property insurance companies operating in Hawaii

Report must include analysis of factors driving premium increases in high-risk areas affected by wildfires, hurricanes, and volcanic eruptions, plus costs and regulations for creating a publicly administered insurance program

Report must provide information on the number of private insurers, their revenues, profits/losses, valuations, shareholder communications, and overall economic health of the private property insurance industry

Report must assess the likelihood of private property insurers ceasing operations in Hawaii and the risk of the state being left without any private insurers

Report must provide recommendations on the state's ability to enter the insurance market as a primary provider if private insurers exit, including evaluation of using eminent domain to seize private insurance companies; due 20 days before the 2026 Regular Session convenes