Bill > HB253

This bill allows authorized insurance companies in Hawaii to offer condominium master insurance or hurricane insurance policies at a rate up to 50% lower than the current surplus lines insurance policy, with specific conditions. To qualify, the condominium association must have been covered by a surplus lines insurance policy for at least three years, and the admitted (standard) insurer can only offer the reduced rates for a maximum of six years. The insurance company may also require the condominium association to deposit funds in a replacement reserves fund or complete specific maintenance and repairs. The bill defines "condominium association" using the existing definition in section 514B-3 of Hawaii law. Surplus lines insurers are specialized insurance providers that can offer coverage for risks that standard insurance companies are unwilling to cover, often at higher rates. The bill aims to provide more affordable insurance options for condominium associations by allowing standard insurers to offer competitive, lower-cost alternatives to surplus lines policies. The bill is set to take effect on July 1, 3000 (which appears to be a placeholder date).

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=253&year=2026