Bill > SB14

This bill introduces new regulations for property, homeowner's, and renter's insurance in Hawaii, starting January 1, 2026. Under the proposed law, insurance companies would be prohibited from increasing policy premiums upon renewal without first submitting a detailed report to both the policyholder and the Insurance Commissioner, and obtaining the Commissioner's explicit approval. The report must include actuarial data unrelated to natural disasters that supports the proposed premium increase. Any insurance company that violates these new rules would be subject to significant financial penalties, including a fine and being required to provide restitution to the affected policyholder. The specific dollar amounts for these penalties were not specified in the bill text. This legislation is temporary and will automatically be repealed on January 1, 2029, meaning the new insurance premium restrictions would only be in effect for a three-year period. The bill aims to provide more transparency and oversight in insurance premium increases, potentially protecting consumers from unexpected or unjustified rate hikes.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=14&year=2026