Bill > SR125

This resolution requests the Insurance Commissioner to produce a comprehensive report on the state of the private property insurance industry in Hawaii, driven by concerns about increasing natural disasters like hurricanes, wildfires, and volcanic eruptions that are causing significant property damage and financial strain. The requested report must detail factors driving premium increases, particularly in high-risk areas, and explore the potential for a publicly administered insurance program. The resolution seeks specific information including the number of private property insurers, their financial performance (revenues, profits, losses), and an assessment of the likelihood that insurers might cease operations in Hawaii. Furthermore, the report is expected to provide recommendations on the state's potential alternatives if private insurers withdraw, including the unprecedented possibility of using eminent domain to acquire private insurance companies. The Insurance Commissioner is asked to submit this detailed report twenty days before the 2026 Regular Session, with the ultimate goal of helping the Legislature understand and potentially mitigate risks to homeowners and the broader insurance market in the face of increasing environmental and economic challenges.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SR&billnumber=125&year=2025