Bill > HB254

This bill introduces comprehensive regulations for property insurance in Hawaii, requiring insurers to provide transparent and detailed notifications to policyholders regarding premium increases, policy cancellations, and renewals. Specifically, insurers must send written notices at least 30 calendar days before renewing a policy with a premium increase of 10% or more, explaining the reasons for the increase across five specific categories: risk factors, claims history, market conditions, policy changes, and a detailed premium calculation breakdown. The bill also mandates that insurers file annual rate schedules and underwriting criteria with the Insurance Commissioner, who will conduct periodic reviews to prevent price-gouging and unfair discrimination. Additionally, the bill establishes a Public Reporting and Dispute Resolution Program where consumers can file complaints and appeals about insurance rates, with the commissioner required to investigate and potentially require adjustments. A notable consumer-friendly provision requires insurers to provide premium discounts or credits to policyholders who implement disaster risk mitigation measures like wind-resistant roofing or fire suppression systems. The goal of these provisions is to increase transparency, protect consumers, and incentivize property risk reduction in the insurance market.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=254&year=2026