Bill > SCR155

This concurrent resolution requests the Insurance Commissioner to produce a comprehensive report on Hawaii's private property insurance industry, addressing critical challenges posed by increasing natural disasters like hurricanes, wildfires, and volcanic eruptions. The resolution seeks a detailed analysis of the industry's current state, including factors driving premium increases, the financial health of insurers, and the potential risk of insurers withdrawing from the market. Specifically, the report is requested to provide information on the number of private property insurers, their financial performance, and an assessment of the likelihood of insurers ceasing operations in Hawaii. Additionally, the resolution asks the Insurance Commissioner to evaluate the State's capacity to enter the insurance market as a primary provider, including exploring the potential use of eminent domain to acquire private insurance companies if necessary. The report is to be submitted no later than twenty days before the 2026 Regular Session, with the goal of helping the Legislature understand and potentially mitigate the growing challenges in the property insurance market that could significantly impact homeowners and the state's economic stability.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SCR&billnumber=155&year=2025