Hawaii 2023 Regular Session

Hawaii Senate Bill SR43 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	THE SENATE S.R. NO. 43 THIRTY-SECOND LEGISLATURE, 2023 STATE OF HAWAII SENATE RESOLUTION Requesting that the insurance division of the Department of Commerce and Consumer Affairs conduct a study analyzing whether implementation in this state of laws similar to Massachusetts' captive insurance laws would address this State's residential condominium property insurance needs.
2	2
3	3	THE SENATE S.R. NO. 43
4	4	THIRTY-SECOND LEGISLATURE, 2023
5	5	STATE OF HAWAII
6	6
7	7	THE SENATE
8	8
9	9	S.R. NO.
10	10
11	11	43
12	12
13	13	THIRTY-SECOND LEGISLATURE, 2023
14	14
15	15
16	16
17	17	STATE OF HAWAII
18	18
19	19
20	20
21	21
22	22
23	23
24	24
25	25
26	26
27	27
28	28
29	29	SENATE RESOLUTION
30	30
31	31
32	32
33	33
34	34
35	35	Requesting that the insurance division of the Department of Commerce and Consumer Affairs conduct a study analyzing whether implementation in this state of laws similar to Massachusetts' captive insurance laws would address this State's residential condominium property insurance needs.
36	36
37	37
38	38
39	39
40	40
41	41	WHEREAS, associations of apartment owners throughout the State have faced steep increases in residential condominium property insurance since 2021; and WHEREAS, the increases are due in part to City and County of Honolulu ordinances Nos. 19-4 and 22-2, which require the installation of automatic fire sprinkler systems in certain residential condominium buildings; and WHEREAS, although an association of apartment owners may opt out of the sprinkler installation requirements if the association of apartment owners pursues other fire safety improvements, insurance rates have escalated sharply for almost all residential condominium properties regardless of whether a condominium property has received an acceptable score; and WHEREAS, Massachusetts' approach to captive insurance may provide an alternative to traditional condominium property insurance at a time when insurance offered by major Hawaii insurers is increasingly becoming unaffordable for many homeowners and associations of apartment owners; now, therefore, BE IT RESOLVED by the Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2023, that the Insurance Division of the Department of Commerce and Consumer Affairs is requested to conduct a study analyzing whether implementation of a captive insurance system in the State that is modeled after Massachusetts' captive insurance system would adequately and appropriately address the State's residential condominium property insurance needs; and BE IT FURTHER RESOLVED that the Insurance Division is requested to include in its study a survey of condominium property management companies, the Department of Commerce and Consumer Affairs, the Hawaii Captive Insurance Council, Hawaii Council of Community Associations, Kokua Council, and the Hawaii Chapter of the Community Associations Institute; and BE IT FURTHER RESOLVED that the Insurance Division is requested to submit a report of its findings and recommendations, including any proposed legislation, to the Legislature no later than twenty days prior to the convening of the regular session of 2024; and BE IT FURTHER RESOLVED that a certified copy of this Resolution be transmitted to Insurance Commissioner. OFFERED BY: _____________________________ Report Title: Insurance Division; Department of Commerce and Consumer Affairs; Captive Insurance Study
42	42
43	43	WHEREAS, associations of apartment owners throughout the State have faced steep increases in residential condominium property insurance since 2021; and
44	44
45	45
46	46
47	47	WHEREAS, the increases are due in part to City and County of Honolulu ordinances Nos. 19-4 and 22-2, which require the installation of automatic fire sprinkler systems in certain residential condominium buildings; and
48	48
49	49
50	50
51	51	WHEREAS, although an association of apartment owners may opt out of the sprinkler installation requirements if the association of apartment owners pursues other fire safety improvements, insurance rates have escalated sharply for almost all residential condominium properties regardless of whether a condominium property has received an acceptable score; and
52	52
53	53
54	54
55	55	WHEREAS, Massachusetts' approach to captive insurance may provide an alternative to traditional condominium property insurance at a time when insurance offered by major Hawaii insurers is increasingly becoming unaffordable for many homeowners and associations of apartment owners; now, therefore,
56	56
57	57
58	58
59	59	BE IT RESOLVED by the Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2023, that the Insurance Division of the Department of Commerce and Consumer Affairs is requested to conduct a study analyzing whether implementation of a captive insurance system in the State that is modeled after Massachusetts' captive insurance system would adequately and appropriately address the State's residential condominium property insurance needs; and
60	60
61	61
62	62
63	63	BE IT FURTHER RESOLVED that the Insurance Division is requested to include in its study a survey of condominium property management companies, the Department of Commerce and Consumer Affairs, the Hawaii Captive Insurance Council, Hawaii Council of Community Associations, Kokua Council, and the Hawaii Chapter of the Community Associations Institute; and
64	64
65	65
66	66
67	67	BE IT FURTHER RESOLVED that the Insurance Division is requested to submit a report of its findings and recommendations, including any proposed legislation, to the Legislature no later than twenty days prior to the convening of the regular session of 2024; and
68	68
69	69
70	70
71	71	BE IT FURTHER RESOLVED that a certified copy of this Resolution be transmitted to Insurance Commissioner.
72	72
73	73
74	74
75	75
76	76
77	77
78	78
79	79	OFFERED BY: _____________________________
80	80
81	81
82	82
83	83	OFFERED BY:
84	84
85	85	_____________________________
86	86
87	87
88	88
89	89
90	90
91	91	Report Title:
92	92
93	93	Insurance Division; Department of Commerce and Consumer Affairs; Captive Insurance Study