Bill > SB14

This bill introduces new regulations for property, homeowner's, and renter's insurance in Hawaii, starting January 1, 2026. The legislation prohibits insurance companies from increasing policy premiums upon renewal without first submitting a detailed report to both the policyholder and the Insurance Commissioner. This report must contain actuarial data that is unrelated to natural disasters and must demonstrate the justification for the proposed premium increase. Additionally, the insurer must receive explicit approval from the Commissioner before implementing the rate hike. If an insurance company violates these provisions, they will be subject to financial penalties, including a potential fine (though the specific amount is not specified in the bill) and an requirement to provide restitution to the affected policyholder. The bill is temporary, with provisions set to be automatically repealed on January 1, 2029, which suggests it is intended as a time-limited intervention in the insurance market to protect consumers from potentially arbitrary premium increases. The legislation aims to introduce more transparency and oversight into insurance pricing by requiring insurers to provide detailed justification for rate changes.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=14&year=2025