Hawaii 2024 Regular Session

Hawaii House Bill HB2049 Compare Versions

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

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1	1	HOUSE OF REPRESENTATIVES H.B. NO. 2049 THIRTY-SECOND LEGISLATURE, 2024 STATE OF HAWAII A BILL FOR AN ACT relating to the Hawaii property insurance association. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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3	3	HOUSE OF REPRESENTATIVES H.B. NO. 2049
4	4	THIRTY-SECOND LEGISLATURE, 2024
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7	7	HOUSE OF REPRESENTATIVES
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9	9	H.B. NO.
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11	11	2049
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13	13	THIRTY-SECOND LEGISLATURE, 2024
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17	17	STATE OF HAWAII
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31	31	A BILL FOR AN ACT
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37	37	relating to the Hawaii property insurance association.
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43	43	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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47	47	SECTION 1. The legislature finds that the Hawaii property insurance association was originally created in 1991 by the legislature to provide basic property insurance for persons unable to purchase homeowners coverage in the private market due to the ongoing volcanic eruption on Hawaii island. Later, the Hawaii property insurance association expanded by offering basic property insurance throughout the rest of the State. The legislature further finds that the Hawaii property insurance association is run by a board of directors consisting of eight insurance companies elected by the membership and four individuals appointed by the Hawaii insurance commissioner to represent the public and insurance agents in the State. However, the Hawaii property insurance association's website does not provide a list of current board members and other general information that may be valuable to the public. Therefore, it is critical to increase the transparency of, and access to, the Hawaii property insurance association by making certain information readily available to the public. The purpose of this Act is to require the Hawaii property insurance association to post information about its board members and an annual report on its website. SECTION 2. Chapter 431, Hawaii Revised Statutes, is amended by adding a new section to article 21 to be appropriately designated and to read as follows: "§431:21- Board member information; annual report; website. The association shall post the following on its website: (1) Background information about the members of the board of directors of the association, including but not limited to names of members and contact information, such as an electronic mail address; and (2) An annual report on the status of the association, including but not limited to: (A) A review of the board's management actions, including justification for any rate adjustments; and (B) Financial and management reports." SECTION 3. New statutory material is underscored. SECTION 4. This Act shall take effect upon its approval. INTRODUCED BY: _____________________________
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49	49	SECTION 1. The legislature finds that the Hawaii property insurance association was originally created in 1991 by the legislature to provide basic property insurance for persons unable to purchase homeowners coverage in the private market due to the ongoing volcanic eruption on Hawaii island. Later, the Hawaii property insurance association expanded by offering basic property insurance throughout the rest of the State.
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51	51	The legislature further finds that the Hawaii property insurance association is run by a board of directors consisting of eight insurance companies elected by the membership and four individuals appointed by the Hawaii insurance commissioner to represent the public and insurance agents in the State. However, the Hawaii property insurance association's website does not provide a list of current board members and other general information that may be valuable to the public. Therefore, it is critical to increase the transparency of, and access to, the Hawaii property insurance association by making certain information readily available to the public.
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53	53	The purpose of this Act is to require the Hawaii property insurance association to post information about its board members and an annual report on its website.
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55	55	SECTION 2. Chapter 431, Hawaii Revised Statutes, is amended by adding a new section to article 21 to be appropriately designated and to read as follows:
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57	57	"§431:21- Board member information; annual report; website. The association shall post the following on its website:
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59	59	(1) Background information about the members of the board of directors of the association, including but not limited to names of members and contact information, such as an electronic mail address; and
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61	61	(2) An annual report on the status of the association, including but not limited to:
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63	63	(A) A review of the board's management actions, including justification for any rate adjustments; and
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65	65	(B) Financial and management reports."
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67	67	SECTION 3. New statutory material is underscored.
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69	69	SECTION 4. This Act shall take effect upon its approval.
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73	73	INTRODUCED BY: _____________________________
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75	75	INTRODUCED BY:
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77	77	_____________________________
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83	83	Report Title: Hawaii Property Insurance Association; Board Members; Annual Report; Website Description: Requires the Hawaii Property Insurance Association to post information about its board members and an annual report on its website. The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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89	89	Report Title:
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91	91	Hawaii Property Insurance Association; Board Members; Annual Report; Website
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95	95	Description:
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97	97	Requires the Hawaii Property Insurance Association to post information about its board members and an annual report on its website.
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105	105	The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.