Relating To The Hawaii Property Insurance Association.
Impact
The proposed legislation requires that the HPIA publish comprehensive details about its board members, such as names and contact information, as well as an annual report that includes management actions and justifications for any rate changes. This is seen as a significant step towards improving public trust and engagement, providing consumers with insights into the workings of the insurance association responsible for safeguarding home insurance needs in Hawaii.
Summary
House Bill 2049 aims to enhance the transparency and accessibility of information regarding the Hawaii Property Insurance Association (HPIA), an entity established to provide basic property insurance for individuals unable to secure homeowners coverage due to natural disasters, specifically volcanic eruptions. The HPIA offers essential insurance solutions statewide, and this bill seeks to fortify its governance by mandating the posting of critical information on its official website.
Contention
While the bill aims to bolster transparency within the insurance landscape, there may be discussions surrounding privacy concerns related to the disclosure of board members' personal information. Stakeholders could raise arguments over the balance between public access to governance information and the potential risks associated with exposing board members to scrutiny. Additionally, the effectiveness of such transparency measures in promoting accountability within the association will likely be a point of debate.
Requesting The Insurance Commissioner To Convene A Working Group To Assess The Feasibility And Impact Of Requiring Coverage For Commercial Properties And Structures, Including Greenhouses And Shade Houses, Under The Hawaii Property Insurance Association's Plan Of Operation.