HI SB1575

Permits admitted insurers in Hawaii to offer condominium master insurance or hurricane insurance policies at no more than 50% of the rate 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 3 consecutive years before qualifying for the reduced admitted insurer rate

Limits the reduced rate period to a maximum of 6 years, after which standard rates would apply

Allows admitted insurers to require condominium associations to deposit funds in replacement reserves or complete specific maintenance and repairs as a condition of coverage

Effective date of July 1, 2050