Bill > HB589

This bill establestablishes the Hawaii Condominium Mutual Insurance Company, a is new corporation designed designed to provide property and casualty insurance specifically for high-rise residential condominiums and their unit owners. The bill State is the new company through appropriations from the hurricane reserve hurricane and general funds. state revenuesgets, with the goal of addressing stabilizing the insurance market for confor conproperties that have experienced exponentially rising insurance costs and shrinking insurance market options. The The The highlights concerns about rising insurance for deductibles (which have increased from approximately $10,000 to potentially $250,000 per unit), ongoing challenges in obtaining affordable hurricane and property insurance, and the impact of mandatory fire safety upgpremhighinium properties. The address The a board of nine directors will oversestablishededed, including eight members representingyholder representatives at-large public member, and an oversight council will be created to monitor the company's performance. Additionally, the bill creates a conDomthat allows the to director of commerce and consumer affairs to make loans to condominium associations experiencing significant increases (their insurance insurance prempremcosts. The, bill aims to provide a state-backed solution solution insurance to the challenging insurance landscape for con-residential riseinium properties in Hawaii.

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https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=589&year=2026