Bill > SB1376

This bill is aimed at stabilizing Hawaii's property insurance market by expanding the powers of the Hawaii Property Insurance Association and Hawaii Hurricane Relief Fund. The legislation responds to significant challenges in the insurance market, including rising costs, reduced coverage for condominiums, and increased risks from natural disasters like wildfires. The bill authorizes these state-established insurance entities to provide coverage for high-rise condominiums and potentially other property types experiencing insurance market failures, with a five-year coverage period. Key provisions include establishing new definitions for condominiums, allowing the Hawaii Property Insurance Association to underwrite certain high-risk insurance coverage, creating a temporary recording fee to help fund these insurance programs, and appropriating $50 million to support the Hawaii Property Insurance Association's startup costs. Additionally, the bill requires the insurance commissioner to conduct a comprehensive study to develop long-term solutions for stabilizing the property insurance market, with reports to be submitted before the 2026 and 2027 legislative sessions. The legislation is designed as a temporary measure to ensure insurance availability and protect homeowners and condominium associations while addressing underlying market challenges.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=1376&year=2026