HI HB589

Establishes the Hawaii Condominium Mutual Insurance Company as an independent domestic mutual insurance company to provide property and casualty insurance coverage to high-rise residential condominiums and unit owners at the lowest possible cost

Creates a 9-member board of directors (8 appointed by the governor from policyholders, 1 at-large public member) and a 5-member oversight council including legislators and the director of commerce and consumer affairs to monitor the company's activities

Beginning January 1, 2027, the company must provide coverage to condominiums unable to purchase insurance in the voluntary market, and must participate in the property and liability insurance guaranty association

Establishes a condominium loan fund to provide loans to associations that have experienced significant insurance premium increases, with the director of commerce and consumer affairs authorized to delegate loan-making authority to the new mutual insurance company

Appropriates unspecified amounts from the hurricane reserve trust fund for fiscal years 2025-2027 for the company's startup and operations, and from general revenues for the condominium loan fund, effective July 1, 2025