Bill > SB706

This bill modifies the Hawaii Property Insurance Association's (HPIA) responsibilities by expanding its insurance coverage to include commercial properties that have been denied coverage by at least two private insurers. Specifically, the bill amends existing law to require the HPIA to include commercial property insurance in its plan of operation, with coverage contingent upon a commercial property owner being unable to secure insurance from two separate private insurers. The bill removes previous language that limited commercial risk coverage and gives the association more flexibility to add insurance coverages with the commissioner's approval. The new provisions aim to provide a safety net for commercial property owners who struggle to obtain insurance, potentially in high-risk areas or under challenging market conditions. The bill will take effect on July 1, 2050, which is a far-future date typical in proposed legislation to allow for extensive implementation planning. By creating this additional insurance pathway, the bill seeks to ensure that commercial property owners have access to essential property insurance coverage even when traditional private market options are unavailable.

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=706&year=2026