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HI HB426
Bill
Status
Introduced
1/21/2025
Primary Sponsor
Scot Matayoshi
Click for details
AI Summary
- Expands the Hawaii Property Insurance Association (HPIA) to provide property insurance coverage for residential condominiums that cannot obtain adequate coverage in the standard insurance market, with a maximum coverage period of 60 months for high-rise condominiums
- Reactivates the Hawaii Hurricane Relief Fund (HHRF) to provide hurricane coverage for condominiums, expanding eligible property definitions beyond the previous 1-4 unit residential limit to include all residential condominiums in insurable condition
- Establishes new funding mechanisms including a temporary recording fee on documents filed with the bureau of conveyances (replacing the previous special mortgage recording fee), assessments on licensed property and casualty insurers up to 3.75% of gross premiums, and general fund appropriations for HPIA startup costs
- Requires applicants for condominium coverage to prove inability to obtain insurance from licensed insurers, complete building inspections, and meet insurability standards before receiving coverage from either HPIA or HHRF
- Directs the Insurance Commissioner to conduct a study on long-term solutions to stabilize Hawaii's property insurance market, including evaluation of mutual or captive insurance models, with reports due before the 2026 and 2027 legislative sessions; appropriates $100,000 for the study
Legislative Description
Relating To The Stabilization Of Property Insurance.
Appropriation ($)
Last Action
Carried over to 2026 Regular Session.
12/8/2025
Committee Referrals
Finance2/7/2025
Consumer Protection & Commerce1/21/2025
Full Bill Text
No bill text available