Bill > HB490

This bill addresses the challenges faced by Hawaii's condominium unit owners in obtaining affordable insurance coverage by requiring the Insurance Commissioner to conduct a comprehensive study on the feasibility of mutual insurance models for condominium associations. The study will explore alternative insurance options, including the potential for condominium associations to join mutual insurance companies located in other U.S. states, in response to extreme insurance rate increases that have reached up to 1,300% in a single year. The Insurance Commissioner is mandated to investigate these alternative insurance models and submit a detailed report with findings and recommendations, including potential legislative proposals, to the legislature no later than twenty days before the start of the 2026 regular legislative session. The bill defines "condominium association" using the existing definition in Hawaii Revised Statutes section 514B-3 and is set to take effect on July 1, 3000 (which appears to be a typo and likely meant to be 2024 or 2025).

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=490&year=2026