HOUSE OF REPRESENTATIVES H.B. NO. 490 THIRTY-THIRD LEGISLATURE, 2025 H.D. 1 STATE OF HAWAII A BILL FOR AN ACT RELATING TO INSURANCE. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
HOUSE OF REPRESENTATIVES H.B. NO. 490
THIRTY-THIRD LEGISLATURE, 2025 H.D. 1
STATE OF HAWAII
HOUSE OF REPRESENTATIVES
H.B. NO.
490
THIRTY-THIRD LEGISLATURE, 2025
H.D. 1
STATE OF HAWAII
A BILL FOR AN ACT
RELATING TO INSURANCE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that Hawaii's condominium unit owners face increasing challenges in obtaining adequate and affordable insurance coverage for their properties. In many cases, insurance rates have increased by more than one thousand three hundred per cent in a single year. The legislature further finds that alternative insurance models, such as mutual insurance, may provide viable solutions for condominium associations and owners. Accordingly, the purpose of this Act is to require the insurance commissioner to: (1) Determine the feasibility of the mutual insurance model for condominium associations in the State; and (2) Submit findings and recommendations, including any proposed legislation, to the legislature no later than twenty days prior to the convening of the regular session of 2026. SECTION 2. (a) The insurance commissioner shall study the feasibility of the mutual insurance model for condominium associations to obtain the property insurance required under section 514B‑143, Hawaii Revised Statutes, including but not limited to condominium associations in the State joining mutual insurance companies that are located in another state of the United States. (b) The insurance commissioner shall submit a report of the commissioner's findings and recommendations, including any proposed legislation, to the legislature no later than twenty days prior to the convening of the regular session of 2026. (c) As used in this Act, "condominium association" has the same meaning as "association" in section 514B-3, Hawaii Revised Statutes. SECTION 3. This Act shall take effect on July 1, 3000.
SECTION 1. The legislature finds that Hawaii's condominium unit owners face increasing challenges in obtaining adequate and affordable insurance coverage for their properties. In many cases, insurance rates have increased by more than one thousand three hundred per cent in a single year. The legislature further finds that alternative insurance models, such as mutual insurance, may provide viable solutions for condominium associations and owners.
Accordingly, the purpose of this Act is to require the insurance commissioner to:
(1) Determine the feasibility of the mutual insurance model for condominium associations in the State; and
(2) Submit findings and recommendations, including any proposed legislation, to the legislature no later than twenty days prior to the convening of the regular session of 2026.
SECTION 2. (a) The insurance commissioner shall study the feasibility of the mutual insurance model for condominium associations to obtain the property insurance required under section 514B‑143, Hawaii Revised Statutes, including but not limited to condominium associations in the State joining mutual insurance companies that are located in another state of the United States.
(b) The insurance commissioner shall submit a report of the commissioner's findings and recommendations, including any proposed legislation, to the legislature no later than twenty days prior to the convening of the regular session of 2026.
(c) As used in this Act, "condominium association" has the same meaning as "association" in section 514B-3, Hawaii Revised Statutes.
SECTION 3. This Act shall take effect on July 1, 3000.
Report Title: Condominiums; Insurance Commissioner; Mutual Insurance; Report Description: Requires the Insurance Commissioner to study the feasibility of the mutual insurance model for condominium associations and submit a report to the Legislature. Effective 7/1/3000. (HD1) The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
Report Title:
Condominiums; Insurance Commissioner; Mutual Insurance; Report
Description:
Requires the Insurance Commissioner to study the feasibility of the mutual insurance model for condominium associations and submit a report to the Legislature. Effective 7/1/3000. (HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.