Bill > HB255

This bill requires insurance companies to provide detailed written notices to common interest communities (such as condominium, planned community, and cooperative housing associations) when their property insurance premiums are set to increase by a certain percentage upon renewal. Starting January 1 of an unspecified year, insurers must automatically send these notices to policyholders at least a specified number of calendar days before the policy renewal, explaining the primary factors contributing to the premium increase. The required explanation must cover six specific categories: water damage claims, wastewater plumbing replacements, fire safety devices and practices, directors' and officers' liability claims, reinsurance costs, and catastrophic losses to the insurance industry. Insurers must also file these notices electronically with the Insurance Commissioner and include a statement allowing policyholders to request additional information about the premium increase. Additionally, the bill requires insurers who renewed policies between 2022 and 2024 to prepare written statements explaining any significant premium increases during that period, which the Insurance Commissioner will review and subsequently report to the Legislature with findings and potential recommendations. The bill aims to increase transparency in insurance pricing for common interest community associations and provide regulatory oversight of premium increases.

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https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=255&year=2026