Bill > SB1575

This bill allows authorized insurers (standard insurance companies) to offer condominium master insurance and hurricane insurance policies at rates up to 50% lower than the current surplus lines insurance policies (insurance from non-standard carriers), subject to specific conditions. To qualify, the condominium association must have been covered by a surplus lines insurance policy for at least three years, and the authorized insurer can only offer the reduced rates for a maximum of six years. The authorized insurer may also require the condominium association to deposit a specific amount in their replacement reserves fund or complete certain maintenance and repairs. The bill defines "condominium association" using the existing definition in Hawaii's statutes and will take effect on July 1, 2050. The purpose appears to be providing more affordable insurance options for condominium associations by allowing standard insurers to offer significantly lower rates compared to surplus lines insurers.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=1575&year=2026