HI HB253

Permits admitted insurers in Hawaii to offer condominium master insurance or hurricane insurance policies at up to 50% less than rates charged by surplus lines insurers currently covering the property

Requires the condominium association to have been covered by a surplus lines insurer for at least the preceding three years to qualify for the discounted rate

Limits the discounted pricing period to a maximum of six years for any condominium association

Allows admitted insurers to require condominium associations to make specific deposits to replacement reserve funds or complete certain maintenance and repairs as a condition of coverage

Effective date set for July 1, 3000 (placeholder date indicating further legislative action needed)