Bill Text: HI HB2686 | 2024 | Regular Session | Introduced
Bill Title: Relating To The Stabilization Of Property Insurance.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Engrossed - Dead) 2024-04-26 - Conference Committee Meeting will reconvene on Friday, 04-26-24 at 5:35PM in Conference Room 224. [HB2686 Detail]
Download: Hawaii-2024-HB2686-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2686 |
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THIRTY-SECOND LEGISLATURE, 2024 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE STABILIZATION OF PROPERTY INSURANCE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
PART
I
SECTION
1. The legislature finds that prior to
the wildfire event in Lahaina, Maui, on August 8, 2023, the availability of
both condominium building master insurance policy and unit owner insurance
policy options within the condominium insurance marketplace was already shrinking.
For
condominium building master insurance policies, insurers have increased
deductible amounts from what used to be between $10,000 to $25,000 per unit,
per occurrence, to as much as $250,000.
These increased deductibles were due to consistent and high-cost losses,
primarily water damage losses within condominium buildings caused by failing
water pipe systems. These large
deductible costs were then transferred to unit owners who needed to provide
proof to the condominium association that they were insured up to the higher deductible
amount. These water damage losses also
contributed to unit owner property insurance becoming scarce, with one or two
insurers willing to underwrite this coverage with higher deductibles of $75,000
and up.
The
legislature also finds that while the State has avoided a direct, major impact
from a major hurricane since Hurricane Iniki devastated Kauai and damaged homes
along Oahu's leeward coast more than thirty years ago, mortgage lenders
continue to require Hawaii homeowners to carry hurricane insurance that can
cost two to three times the annual premiums of a conventional homeowner policy.
The
legislature further finds that Hawaii Business Magazine recently reported that generally,
a condominium building or complex carries a master hurricane policy that covers
one hundred per cent of the cost to replace the
property--millions of dollars in many cases. Unfortunately, because insurance premiums for
those policies have recently risen so high, the president
of Insurance Associates estimates that three hundred seventy-five to three
hundred ninety buildings, including new high-rise towers in Kakaako, Oahu, have
opted to renew their hurricane insurance policies having less than one hundred
per cent hurricane coverage. This
practice of reducing coverage is creating complications and adverse
consequences for every person and entity associated with condominiums in Hawaii,
from lenders and insurance agents to buyers and sellers of condominiums.
The legislature
understands that there are four standard insurance companies that write
property and hurricane insurance policies for condominiums, of which two are
willing to insure up to the full value of the property, albeit with rising
deductibles. A third insurer only offers
hurricane insurance capped at a maximum insured value of $10,000,000 to $25,000,000
in coverage, regardless of whether the overall value of the building exceeds
this valuation range. The fourth insurer
continues to write renewals, but has not issued a new policy in the State since
Hurricane Iniki in 1992.
Furthermore,
some condominium associations for older buildings are forced to obtain
hurricane insurance through the secondary insurance market if they are dropped
by the standard insurers for having too many claims, or if their buildings have
delayed renovations or deferred maintenance on high-cost items such as aging water
pipes. The president of Insurance
Associates reported that more than seven hundred condominium buildings on Oahu
alone were built before 1990. These
secondary market insurers are not bound by the State's laws or administrative rules
governing rates, so their prices may be more expensive than those of standard insurance
carriers.
To
illustrate the difference in insurance premium costs, the president of
Insurance Associates cites the example of one high-rise condominium in Waikiki in
which the condominium association had been paying an annual insurance premium
of $235,000 for property and hurricane insurance and had already been dropped
by two of the standard insurance companies when the third company declined to
renew their insurance policy. The stated
reason for the nonrenewal and rejection was that the building's aging plumbing
had not been replaced. As a result, the
condominium association was forced to purchase insurance on the secondary
market, which cost approximately $1,200,000.
The
legislature finds that the consequences of under‑insured condominium
buildings also impact individual owners. For example, if a condominium building is not insured
to its full value, the mortgages on individual units within that building would
not meet the underwriting criteria to qualify for purchase through the federal
government's secondary mortgage market, meaning that these mortgages cannot be
sold by financial institutions to mortgage investor entities such as Fannie Mae
and Freddie Mac. In addition, Hawaii
Business Magazine has also reported that the 2021 collapse of the Surfside
condominium building in Miami is also having a ripple effect on condominium
lending. In 2023, Fannie Mae and Freddie
Mac made permanent the rules for condominium lending that were created in the
wake of that disaster and ceased buying loans for buildings or projects that
have put off major repairs--such as replacing old water pipes. These new lending rules also prohibit the sale
of a loan on a condominium building to Fannie Mae and Freddie Mac if that
building has unfunded repairs totaling more than $10,000 per unit.
This
inability to sell condominium mortgages would require financial institutions
that originated mortgages to retain those mortgages, thereby lessening their
overall financial capacity to originate more mortgages. Further, the risk of loss in the event of a
hurricane may impair a financial institution's financial safety and soundness,
which would in turn hamper consumers' abilities to obtain financing to purchase
dwellings of their own. In addition, the
failure of individual condominium units to maintain the property insurance
required by their condominium association could result in fines, lender‑placed
insurance, and foreclosure of those units.
The
legislature notes that the wildfire in Lahaina, Maui, on August 8, 2023, has
also impacted the way reinsurers and standard insurers view Hawaii's wildfire
risk. The president of Insurance
Associates estimates that while Hawaii has always been rated for hurricanes for
property insurance purposes, it has never been rated for wildfires. Now that the State has experienced wildfires,
not only in Lahaina, but also in Kula, West Oahu, and Mililani, parts of all
islands will be rated for wildfires. Moreover,
it is surmised that some insurers will not maintain their current policy-count
in the State because of their increased costs for reinsurance, geographical
concentration of risk, and inadequate rates both pre- and post-wildfire. Insurers have the financial responsibility to
pay losses, and if reinsurance and premiums are not sufficient to cover these
losses, an insurer needs to reduce their exposure by restricting new policies,
reducing their policy-count, or both. The
legislature recognizes that the price impact on reinsurance from recent
wildfires is not fully known and price increases may continue into the
foreseeable future.
The
legislature also understands that rates for hurricane insurance and regular
homeowner policies in Hawaii have increased due to disasters around the United
States and the world. Further, the
market for reinsurance, the insurance that property and casualty insurance
companies pay to share their risk, is global. Therefore, storms and other catastrophic losses
occurring anywhere in the world may potentially impact the amounts that
homeowners and condominium associations in Hawaii pay for their insurance coverage.
The
purpose of this Act is to amend state laws governing the Hawaii Property Insurance
Association and the Hawaii hurricane relief fund to enable these entities to
underwrite certain insurance risks in the State that no standard insurer is
currently willing to underwrite.
This
Act expands the authority of these markets of last resort to assist the
stabilization of the property insurance market until risks can be depopulated
back to the standard insurance market when market conditions improve and risks
become more insurable because of building component replacement or maintenance,
or mitigation equipment or protocols have been implemented for fire, wildfire,
or hurricane events.
The
legislature believes that it is critical to adequately capitalize the
respective funds because insuring these risks could bring an enormous amount of
risk exposure to the funds. Therefore, funding
mechanisms must be broad on an initial and ongoing basis and spread among as
many parties involved in real property transactions within the State as
possible to ensure that the financial impacts are apportioned as equitably as
practicable, and that reserve funds are adequately capitalized if losses exceed
the funds' capacities. This Act provides
these funding mechanisms through the:
(1) Imposition of a higher transient accommodation tax rate for transient vacation rentals, since many transient vacation rental units are situated within condominiums, and using those revenues to capitalize the Hawaii Property Insurance Association's operations;
(2) Establishment of a property insurance surcharge on conveyance tax and using those revenues to capitalize the Hawaii Property Insurance Association's operations;
(3) Reactivation of the assessment of insurers to capitalize the Hawaii hurricane relief fund; and
(4) Reactivation of the Hawaii hurricane relief fund's special mortgage recording fee that was last imposed in 2001 to capitalize the Hawaii hurricane relief fund.
The
legislature finds that this Act is necessary to:
(1) Stabilize the property insurance market so that insurers continue to insure properties in the State;
(2) Encourage the repair and maintenance of condominium buildings;
(3) Allow lenders to meet the requirements of the secondary mortgage market; and
(4) Serve an important public purpose.
SECTION 2. Section 237D-1, Hawaii Revised Statutes, is amended as follows:
1. By adding four new definitions to be appropriately inserted and to read:
""Booking service" means any reservation or payment service provided by a person that facilitates a transient vacation rental transaction between an operator and a prospective renter, and for which the person collects or receives, directly or indirectly through an agent or intermediary, a fee in connection with the reservation or payment services provided for the transient vacation rental transaction.
"County" means the city and county of Honolulu and the counties of Hawaii, Kauai, and Maui; provided that the county of Kalawao shall be considered a part of the county of Maui for the purposes of this section.
"Hosting
platform" means a person that participates in the transient vacation
rental business by providing, and collecting or receiving a fee for, booking
services through which an operator may offer a transient vacation rental
unit. "Hosting platform" includes
persons who provide booking services through an online platform that allows an
operator to advertise a transient vacation rental unit through a website
provided by the hosting platform, and through which the hosting platform
conducts a transaction by which potential renters arrange use and payment of
rent to the operator or the hosting platform.
"Transient
vacation rental" means "short term rental", "transient
vacation rental", "transient vacation unit", or "transient
vacation use", as defined by applicable county ordinance."
2. By amending the definition of "operator" to read:
""Operator" means any
person operating a transient accommodation[,] or transient vacation
rental, whether as owner or proprietor or as lessee, sublessee, mortgagee
in possession, licensee, or otherwise, or engaging or continuing in any service
business which involves the actual furnishing of transient accommodation[.]
or transient vacation rental."
SECTION 3. Section 237D-2, Hawaii Revised Statutes, is amended to read as follows:
"§237D-2 Imposition and rates. (a) There is levied and shall be assessed and collected each month a tax of:
(1) Five per cent for the period beginning on January 1, 1987, to June 30, 1994;
(2) Six per cent for the period beginning on July 1, 1994, to December 31, 1998;
(3) 7.25 per cent for the period beginning on January 1, 1999, to June 30, 2009;
(4) 8.25 per cent for the period beginning on July 1, 2009, to June 30, 2010; and
(5) 9.25 per cent for the period beginning on July 1, 2010, and thereafter;
on the gross rental or gross rental proceeds derived from furnishing transient accommodations.
(b) Every transient accommodations broker, travel agency, and tour packager who arranges transient accommodations at noncommissioned negotiated contract rates and every operator or other taxpayer who receives gross rental proceeds shall pay to the State the tax imposed by subsection (a), as provided in this chapter.
(c) There is levied and shall be assessed and collected each month, on the occupant of a resort time share vacation unit, a transient accommodations tax of:
(1) 7.25 per cent on the fair market rental value until December 31, 2015;
(2) 8.25 per cent on the fair market rental value for the period beginning on January 1, 2016, to December 31, 2016; and
(3) 9.25 per cent on the fair market rental value for the period beginning on January 1, 2017, and thereafter.
(d) Every plan manager shall be liable for and pay to the State the transient accommodations tax imposed by subsection (c) as provided in this chapter. Every resort time share vacation plan shall be represented by a plan manager who shall be subject to this chapter.
(e) Notwithstanding the tax rates established in subsections (a)(5) and (c)(3), the tax rates levied, assessed, and collected pursuant to subsections (a) and (c) shall be 10.25 per cent for the period beginning on January 1, 2018, to December 31, 2030; provided that:
(1) The tax revenues levied, assessed, and collected pursuant to this subsection that are in excess of the revenues realized from the levy, assessment, and collection of tax at the 9.25 per cent rate shall be deposited quarterly into the mass transit special fund established under section 248-2.7; and
(2) If a court of competent jurisdiction determines that the amount of county surcharge on state tax revenues deducted and withheld by the State, pursuant to section 248-2.6, violates statutory or constitutional law and, as a result, awards moneys to a county with a population greater than five hundred thousand, then an amount equal to the monetary award shall be deducted and withheld from the tax revenues deposited under paragraph (1) into the mass transit special fund, and those funds shall be a general fund realization of the State.
The remaining tax revenues levied, assessed, and collected at the 9.25 per cent tax rate pursuant to subsections (a) and (c) shall be deposited into the general fund in accordance with section 237D-6.5(b).
(f) Notwithstanding the tax rates established in
subsections (a)(5) and (c)(3) and subsection (e), the tax rate levied,
assessed, and collected with regard to a transient vacation rental pursuant to
subsections (a), (c), and (e) shall be
per cent for the period beginning on July 1, 2024; provided that:
(1) Fifty per cent of the tax revenues levied, assessed, and collected pursuant to this subsection that are in excess of the revenues realized from the levy, assessment, and collection of tax at the percentage rates authorized pursuant to subsections (a)(5), (c)(3), and (e) shall be deposited quarterly into a trust account established pursuant to section 431:21‑105 for the purpose of administering and providing property insurance for properties located outside of a lava zone that obtain property insurance under that article; and
(2) Fifty per cent of the tax revenues levied, assessed, and collected pursuant to this subsection that are in excess of the revenues realized from the levy, assessment, and collection of tax at the percentage rates authorized pursuant to subsections (a)(5), (c)(3), and (e) shall be deposited quarterly into a trust account established pursuant to section 431P-16 for the purpose of providing hurricane insurance under that chapter."
PART III
SECTION 4.
Chapter 247, Hawaii Revised Statutes, is amended by adding a new section
to be appropriately designated and to read as follows:
"§247-
Property insurance surcharge on conveyance
tax; disposition of revenues. (a) In addition to any tax imposed under this
chapter, there shall be levied, assessed, and collected a
property insurance surcharge on conveyance tax on all transfers or
conveyances of realty or any interest therein that is subject to section 247-1. The rate of the surcharge on conveyance tax
shall be based on the basis and tax rates established in section 247-2 and levied,
assessed, and collected as follows:
(1) Except as provided in paragraph (2):
(A) per cent for properties having a value of less than $600,000;
(B) per cent for properties having a value of at least $600,000, but less than $1,000,000;
(C) per
cent for properties having a value of at least
$1,000,000, but less than $2,000,000;
(D) per
cent for properties having a value of at least $2,000,000,
but less than $4,000,000;
(E) per
cent for properties having a value of at least $4,000,000,
but less than $6,000,000;
(F) per
cent for properties having a value of at least $6,000,000,
but less than $10,000,000; and
(G) per
cent for properties having a value of $10,000,000
or greater; and
(2) For the sale of a condominium unit or single family residence for which the purchaser is ineligible for a county homeowner's exemption on property tax:
(A) per cent for properties having a value of less than $600,000;
(B) per cent for properties having a value of at least $600,000, but less than $1,000,000;
(C) Forty cents per $100 for properties having
a value of at least $1,000,000, but less than $2,000,000;
(D) Sixty cents per $100 for properties having
a value of at least $2,000,000, but less than $4,000,000;
(E) per
cent for properties having a value of at least $4,000,000,
but less than $6,000,000;
(F) per
cent for properties having a value of at least $6,000,000,
but less than $10,000,000; and
(G) per
cent for properties having a value of $10,000,000
or greater,
of
actual and full consideration; provided that in the case of a lease or
sublease, this chapter shall apply only to a lease or sublease the full
unexpired term of which is for a period of five years or more, and in those
cases, including (where appropriate) those cases in which the lease has been
extended or amended, the surcharge shall be based on the cash value of the
lease rentals discounted to present day value and capitalized at the rate of per
cent, plus the actual and full consideration paid or to be paid for any and all
improvements, that shall include on-site as well as off-site improvements,
applicable to the leased premises; and provided further that the surcharge
imposed for each transaction shall be not less than $1.
(b)
All surcharge on conveyance tax revenues realized pursuant to this
section shall be deposited as follows:
(1) An
amount equaling per cent shall be
deposited quarterly into a trust account established pursuant to section
431:21-105 for the purpose of administering and providing property insurance
for properties located outside of a lava zone that obtain property insurance
under that article; and
(2) An
amount equaling per cent shall be
deposited quarterly into a trust account established pursuant to section
431P-16 for the purpose of providing hurricane insurance under that chapter.
(c)
The surcharge established pursuant to this section shall not apply to
any document, transaction, deed, lease, sublease, assignment of lease,
agreement of sale, assignment of agreement of sale, or writing exempted
pursuant to section 247‑3.
(d)
For the purposes of this section, "condominium unit" means an
individual dwelling unit located within a residential building or complex."
SECTION 5.
Section 247-4, Hawaii Revised Statutes, is amended to read as follows:
"§247-4 Payment and liability of the tax. (a) The tax imposed by this chapter shall be paid by the grantor, lessor, sublessor, assignor, transferor, seller, conveyor, or any other person conveying realty, or any interest therein, by a document or instrument subject to section 247-1; except, however, in the case where the United States or any agency or instrumentality thereof or the State or any agency, instrumentality, or governmental or political subdivision thereof is the grantor, lessor, sublessor, assignor, transferor, seller, or conveyor, the tax shall be paid by the grantee, lessee, sublessee, assignee, transferee, purchaser, or conveyee, as the case may be.
(b)
The tax imposed by this chapter shall be paid at [such] a
place or places as the director of taxation may direct and shall be due and payable
no later than ninety days after the taxable transaction, and [in any event]
prior to the imprinting of the seal or seals as provided by section 247-5. Penalties and interest shall be added to and
become a part of the tax, when and as provided by section 231-39.
(c)
Notwithstanding any requirement of subsection (a) to the contrary, the
cost of the property insurance surcharge on
conveyance tax established under section 247-
shall be paid by the seller."
PART IV
SECTION
6. Section 431:21-102, Hawaii Revised
Statutes, is amended by adding two new definitions to be appropriately inserted
and to read as follows:
""Condominium"
means real property that:
(2) Has
four or more stories that are or can be occupied by a person; and
(3) Is
in insurable condition, or may be repaired, renovated, or remediated into
insurable condition within a reasonable period under a repair, renovation, or
remediation plan and timetable established and provided in the plan of
operation or any manual of rules and rates adopted under the plan of operation.
"Property
insurance" means policies, riders, or endorsements of insurance that provide
indemnity, in whole or in part, for the loss, destruction, or damage of
property and against legal liability for the death, injury, or disability of
any human being, or from damage to property."
SECTION 7.
Section 431:21-105, Hawaii Revised Statutes, is amended to read as
follows:
"§431:21-105 Powers and duties of the association. (a) In
addition to any other requirements imposed by law, the association shall:
(1) Formulate
and administer a plan of operation to insure persons
having an insurable interest in real or tangible personal property in [the]
an area designated by the commissioner;
(2) Establish
in the plan of operation a maximum period of time during which a condominium
association may be eligible to be insured by the association, which shall not
exceed sixty months;
[(2)] (3)
Reimburse each servicing facility for
obligations of the association paid by the facility and for expenses incurred
by the facility while processing applications and servicing policies on behalf
of the association; and
[(3)] (4) Collect and maintain statistical information
and other information required by the commissioner.
(b)
In addition to any other powers allowed by law, the association may:
(1) Add
additional insurance coverages with the approval of the commissioner, including
coverage for commercial risks up to the limits of coverage [for residential
risks] as set forth in the plan of operation;
(2) Employ
or retain persons as are necessary to perform the duties of the association;
(3) Contract
with a member insurer to perform the duties of the association;
(4) Sue
or be sued;
(5) Borrow
funds necessary to effectuate the purposes of this article in accord with the
plan of operation;
(6) If
approved by the commissioner, assess member insurers amounts necessary to cover
extraordinary losses incurred by the association. Each member insurer shall be notified of the
assessment not later than thirty days before it is due. No member insurer may be assessed in any year
an amount greater than two per cent of that member insurer's net direct written
premiums for the preceding calendar year.
The association may exempt or defer, in whole or in part, the assessment
of any member insurer if the assessment would cause the member insurer's
financial statement to reflect amounts of capital or surplus less than the
minimum amounts required for a certificate of authority by any jurisdiction in
which the member insurer is authorized to transact business;
(7) Devise
a method to give credit to member insurers [for homeowners and fire
insurance policies individually underwritten on risks located in the area
designated for coverage by the association;] as set forth in the plan of
operation;
(8) Negotiate
and become a party to contracts as are necessary to carry out the purposes of
this article; [and]
(9) Establish
outside the state treasury a reserve trust fund and any accounts thereunder and
any other trust fund or account necessary to carry out the purposes of this article. Moneys deposited in the reserve trust fund
and any accounts thereunder or any other trust fund or account established by
the association shall be held by the association, as trustee, in a depository
as defined in section 38-1 or according to a similar arrangement at the
discretion of the board, including, but not limited to, trust or custodial
accounts created for the benefit of the fund's secured parties under
contractual claims financing arrangements.
These moneys may be invested and reinvested in accordance with the plan
of operation. Disbursements from the
trust funds shall not be subject to chapter 103D and shall be made in
accordance with procedures adopted by the board;
[(9)] (11)
Perform all other acts as are necessary
or proper to effectuate the purpose of this article."
SECTION
8. Section 431:21-106, Hawaii Revised
Statutes, is amended by amending subsection (c) to read as follows:
"(c) The plan of operation shall:
(1) Establish procedures for performance of all the powers and duties of the association under section 431:21‑105;
(2) Establish maximum limits of liability to be placed through the association;
(3) Establish reasonable underwriting standards for determining insurability of a risk which are comparable to the standards used to determine insurability of a risk located outside the area designated by the commissioner as eligible for association coverage;
(4) Establish a schedule of deductibles, if appropriate;
(5) Establish a maximum period of time during which a condominium may be eligible to be insured by the association, which shall not exceed sixty months;
[(5)] (6) Establish the commission to be paid to
licensed producers;
[(6)] (7) Establish the rates to be charged for
the insurance coverages, so that the total premium income from all association
policies, when combined with the investment income, shall annually fund the
administration of the association. The
administration of the association shall include the expenses incurred in
processing applications, conducting inspections, issuing and servicing
policies, paying commissions, and paying claims, but shall not include assessments
approved by the commissioner;
[(7)] (8) Establish the manner and scope of the
inspection and the form of the inspection report. The inspection guidelines may include setting
minimum conditions the property must meet before an inspection is required;
[(8)] (9) Establish procedures whereby selections
for the board of directors will be submitted to the commissioner for the
commissioner's information;
[(9)] (10) Establish procedures for records to be
kept of all financial transactions of the association, its producers, and its
board of directors;
[(10)] (11) Establish procedures by which
applications will be received and serviced by the association;
[(11)] (12) Establish guidelines for the
investigation and payment of claims; and
[(12)] (13) Establish procedures whereby the
association may assume and cede reinsurance on risks written through the
association."
SECTION
9. Section 431:21-107, Hawaii Revised
Statutes, is amended to read as follows:
"[[]§431:21-107[] Designation] Coverage eligibility;
designation of [area.] areas within certain lava zones;
condominiums within the State. (a) After consultation with representatives of
the United States Geological Survey, the state
department of defense, and the county in which the area is located, the
commissioner shall designate the geographical area eligible for coverage in lava zones 1 and 2 through
the association. Those properties in the
designated area that meet the standards set forth in
the plan of operation shall be provided insurance through the association.
For
the purposes of this subsection, "lava zones 1 and 2" means the two
zones designated on the United States Geological Survey's lava flow hazard zone
map that are the most hazardous and includes volcanic vents in the summits and
rift zones of the two most active volcanoes within the State.
(b) A condominium association registered under
chapter 514B, part VI, having an insurable interest in real or tangible
property that is a condominium that is subject to this chapter, located within
the State, and that meets the criteria and requirements set forth in the plan
of operation, may be provided insurance through the association."
SECTION
10. Section
431:21-115, Hawaii Revised Statutes, is amended as follows:
"[[]§431:21-115[] Credits for] Recoupment of
assessments paid. [A member
insurer may offset against its premium tax liability to this State an
assessment made with the commissioner's approval to the extent of twenty per
cent of the amount of the assessment for each of the five calendar years following
the year in which the assessment was paid.
In the event a member insurer should cease doing business in this State,
all uncredited assessments may be credited against its premium tax liability
for the year it ceases doing business.]
(a) Each member insurer shall
annually recoup assessments paid by the member insurer under section
431:21-105(b)(6). The recoupment shall
be recovered by means of a surcharge on premiums charged by the member insurer
for policies of all kinds. Any excess
recovery by a member insurer shall be credited pro rata to that member insurer's
policyholders' premiums in the succeeding year unless there has been a
subsequent assessment, in which case the excess shall be used to pay the amount
of the subsequent assessment. A member
insurer may continue to surcharge premiums until the full assessments are
recouped.
(b)
The surcharge required under subsection (a) shall be two per cent of the
total premiums charged for each policy by the member insurer.
(c)
Each member insurer shall provide to the association an accounting of
its recoupments. The association shall
compile the member insurers' accountings and submit them as part of the
association's annual report to the commissioner.
(d)
The amount of and reason for any surcharge shall be separately stated on
any billing sent to an insured. The
surcharge shall not be considered premiums for any other purpose, including the
computation of gross premium tax or the determination of producer commissions."
SECTION 11.
Section 431:21-109, Hawaii Revised Statutes, is repealed.
["§431:21-109 Insurance
coverages available under plan.
(a) All properties qualifying for
coverage under the plan of operation shall be eligible for the standard fire
policy and extended coverage endorsement.
The association shall provide additional coverages when directed by the
commissioner or when approved by the commissioner.
(b)
At the written request of any person who is, or is attempting to become,
a mortgagor on real property that qualifies for coverage under the plan of
operation, the association shall provide coverage for an amount not less than
the amount of the mortgage obligation, but no greater than the value of the
property being insured; provided that it does not exceed the limits of the
plan. The policy shall name the intended
mortgagee as the beneficiary for the amount equal to the outstanding balance on
the mortgage.
(c)
In the application of subsection (b), the amount covered under the
policy shall comply with article 10E."]
PART V
SECTION 12.
Chapter 431P, Hawaii Revised Statutes, is amended by adding a new
section to be appropriately designated and to read as follows:
"§431P- Recoupment
of assessments paid. (a) Each property and casualty insurer shall annually
recoup assessments paid by the property and casualty insurer under sections 431P‑5(b)(8)(A)
and 431P-16(e). The recoupment shall be
recovered by means of a surcharge on premiums charged by the property and
casualty insurer for policies on which the assessment was made. Any excess recovery by a property and
casualty insurer shall be credited pro rata to that insurer's policyholder's
premiums in the succeeding year unless there has been a subsequent assessment,
in which case the excess shall be used to pay the amount of the subsequent
assessment. A property and casualty
insurer may continue to collect a surcharge on premiums until the full
assessments are recouped.
(b)
The surcharge required under subsection (a) shall be the same percentage
of the total premiums charged for each policy assessed under sections
431:P-5(b)(8)(A) and 431P-16(e).
(c)
Each property and casualty insurer shall provide to the fund an accounting of its recoupments. The fund shall compile the property and
casualty insurers' accountings and submit them as part of the fund's annual
report to the commissioner.
(d)
The amount of and reason for any surcharge shall be separately stated on
any billing sent to an insured. The
surcharge shall not be considered a premium for any other purpose, including
the computation of gross premium tax or the determination of producer
commissions."
SECTION 13.
Section 431P-1, Hawaii Revised Statutes, is amended as follows:
1. By adding a new definition to be
appropriately inserted and to read:
""Condominium"
means real property that:
(1) Has
an association registered with the real estate commission in accordance with
chapter 514B, part VI;
(2) Has
four or more stories that are or can be occupied by a person; and
(3) Is
in insurable condition, or may be repaired, renovated, or remediated into
insurable condition within a reasonable period under a repair, renovation, or
remediation plan and timetable established and provided in the plan of
operation or any manual of rules and rates adopted under the plan of operation."
2. By amending the definition of "eligible
property" to read:
""Eligible
property" means:
(1) Real property [of one to four units]
used for residential purposes and [which] that is in insurable
condition, and [which] that may include tangible personal
property located therein or thereon and other structures at the insured
location, as provided in the plan of operation or any manual of rules and rates
adopted under the plan of operation;
(2) Real property used for business, commercial,
or industrial purposes [which] that is in insurable condition,
and [which] that may include tangible personal property located
therein or thereon, as provided in the plan of operation or any manual of rules
and rates adopted under the plan of operation;
(3) Tangible personal property owned by an
occupant of and located in or on real property of the types described in
paragraph (1), as provided in the plan of operation or any manual of rules and
rates adopted under the plan of operation; provided that the owner of the
tangible personal property does not own the real property in or [on] upon
which the tangible personal property is located; and
(4) Tangible personal property owned by an
occupant of and located in or on real property of the types described in
paragraph (2) as provided in the plan of operation or any manual of rules and
rates adopted under the plan of operation; provided that the owner of the
tangible personal property does not own the real property in or [on] upon
which the tangible personal property is located."
3. By amending the definition of "licensed
property and casualty insurer" to read:
""Licensed
property and casualty insurer" means[:
(1) Any] any insurer licensed to
transact any one or more classes of insurance authorized in section 431:3-204
where premiums written within such authority are required to be reported in the
"Exhibit of Premiums and Losses" for this State in the National Association
of Insurance Commissioners fire and casualty annual statement convention blank
that is required to be filed with the commissioner under section 431:3-302[;
and
(2) The Hawaii Property Insurance Association
created in article 21 of chapter 431]."
4. By amending the definition of "policy of
hurricane property insurance" to read:
""Policy of hurricane property insurance"
means a policy or endorsement of insurance issued by the fund insuring only
against damage or loss to eligible property caused by a covered event [in
excess of the deductible and up to:
(1) $750,000 per risk on real property of one to four units used for residential
purposes and the personal property located therein or thereon and other
structures at the insured location, subject to the limits defined by the
plan of operation or any manual of rules and rates adopted under the plan of
operation; and
(2) $500,000 per risk on real and personal
property used for business, commercial, or industrial purposes, subject to the
limits defined by the plan of operation or any manual of rules and rates
adopted under the plan of operation; provided that the board may designate an
association of property owners or cooperative housing corporation to be a
commercial risk; provided that this policy or endorsement shall not include
coverage for business interruption and other similar coverages.] subject
to the limits and deductibles allowed by the plan of operation or any manual of
rules and rates adopted under the plan of operation."
SECTION
14. Section 431P-5,
Hawaii Revised Statutes, is amended by amending subsection (b) to read as
follows:
"(b) In addition to the general powers under
subsection (a), the fund shall have the specific power to:
(1) Adopt and administer a plan of operation in
accordance with section 431P-7, and a manual of rules and rates to provide
persons having an insurable interest in eligible property with insurance
coverage provided by the fund;
(2) Authorize the provision of hurricane coverage
by the fund for real property and tangible personal property located in or on
real property and establish limits of liability for specific coverages within
the range of authorized coverage;
(3) Adopt actuarially sound rates based on
reasonable assumptions relative to expectations of hurricane frequency and
severity for all coverage provided under policies or endorsements issued by the
fund. Rates adopted shall be subject to
approval by the commissioner pursuant to article 14 of chapter 431. Rates adopted shall provide for
classification of risks and shall include past and prospective losses and
expense experience in this State;
(4) Adopt procedures, guidelines, and surcharges
applicable to policies of hurricane property insurance issued in connection
with an underlying property policy issued by an unauthorized insurer;
(5) Adopt any form of insurance policy necessary
for providing policies of hurricane property insurance by the fund, with the
approval of the commissioner;
(6) Issue policies of hurricane property insurance
and pay claims for coverage over the mandatory deductible or other deductible
provided in the plan of operation or any manual of rules and rates adopted
under the plan of operation;
(7) [Require every] Contract with one or
more licensed property and casualty [insurer] insurers
transacting direct property insurance business in this State to act as a
servicing facility, and by contract with that insurer authorize the insurer to
inspect eligible properties, service policies and policyholders of hurricane
property insurance, provide claim services, and perform any other duties as
authorized by the fund for applicants to the fund and those insured by it;
(8) (A) Assess
all licensed property and casualty insurers the amounts [which,] that,
together with the other assets of the fund, are sufficient to meet all
necessary obligations of the fund. The
assessment shall be made on the insurer's gross direct written premiums for
property and casualty insurance in this State for the preceding calendar
year. The rate of assessment in a year
in which a covered event has not occurred shall be 3.75 per cent and shall not
include the insurer's gross direct written premiums for motor vehicle insurance
in this State[; provided that following a covered event, the rate of
assessment may be increased to an amount not to exceed five per cent and may
include the insurer's gross direct written premiums for motor vehicle insurance
in this State. This increase shall
remain in effect until [such] the time [as] all claims and
other obligations, including but not limited to bonds and notes, arising out of
a covered event [shall] have been fully discharged. [An insurer authorized to provide
comparable coverage under section 431P-10(b) and which is providing hurricane
property insurance in the State shall be assessed an amount that excludes gross
direct written premiums for property insurance in this State.] The assessment for a year in which a covered
event has not occurred shall be collected quarterly during each calendar year;
[(B) In the event of a loss from a covered event
the fund, in addition to the assessment in subparagraph (A), shall assess those
insurers which acted as servicing facilities during the twelve months ending at
the start of the month preceding the month in which the covered event
occurs. The total assessment shall be a
fixed percentage of the total coverage provided by the fund under its policies
of hurricane property insurance during the month preceding the month in which
the covered event occurs. The percentage
to be used in calculating the total assessment shall be as follows:
(i) For calendar year 1998, a percentage as
fixed by the board in the plan of operation, but in no event shall the total
assessment exceed $500,000,000;
(ii) For calendar year 1999, 1.125 per cent;
(iii) For calendar year 2000, 1.25 per cent; and
(iv) For calendar year 2001, and each calendar
year thereafter, 1.5 per cent.
A
separate total assessment shall be made for each covered event. The total assessment shall be allocated to
each servicing facility based on the proportion of the total amount of the
fund's gross direct written premiums for policies of hurricane property
insurance serviced by each servicing facility to the total amount of the fund's
gross direct written premiums for policies of hurricane property insurance, in
each case, during the twelve months ending at the start of the month preceding
the month in which the covered event occurs.
Assessments made under this subparagraph and those under subparagraph
(A) in a year in which a covered event has occurred are due from each insurer
based on assessment procedures established by the fund to meet its obligations
to policyholders in a timely manner;] and
[(C) The fund may exempt] (B) Exempt or defer, in whole or in part,
the assessment of any insurer if the assessment would cause the insurer's
financial statement to reflect amounts of capital or surplus less than the
minimum amounts required for a certificate of authority in this State;
(9) Develop a program of incentives to encourage
insurers to provide policies of hurricane property insurance in the event the
commissioner authorizes the provision of comparable insurance pursuant to
section 431P-10(b) [which] that may include but are not limited
to exemption of the insurer's gross direct written premium for property
insurance from the assessment pursuant to paragraph (8)(A);
[(10) Develop a credit based on the difference
between premiums written in 1993 and the premiums written in 1992 by each
property insurer against the assessment for gross direct written premiums
written in 1993;
(11)] (10)
Develop procedures regarding policies written by unauthorized insurers
comparable to the assessments, surcharges, and other contributions made by insurers
authorized to do business in this State;
[(12)] (11) Accumulate reserves or funds, including
the investment income thereon, to be used for paying expenses, making or
repaying loans or other obligations of the fund, providing loss mitigation
incentives, and paying valid claims for covered events insured by the fund;
[(13)] (12)
Collect and maintain statistical and other data as may be required by
the commissioner;
[(14)] (13)
Exempt mortgage transactions from payments of the special mortgage
recording fee and provide for maximum limits on or, uniform reduction of the
special mortgage recording fee, pursuant to rules adopted by the board;
[(15)] (14)
Suspend or reactivate the special mortgage recording fee pursuant to
resolution of the board;
[(16)] (15)
Impose fines for each incident of nonpayment of amounts due to the fund
under this chapter; provided that the fines shall not exceed twenty-five per
cent of the amount then due;
[(17)] (16)
Create loss mitigation incentives, including but not limited to premium
credits, premium rebates, loans, or cash payments;
[(18)] (17)
Enter into claims financing transactions, including but not limited to
reinsurance transactions, debt transactions, and other transactions
incorporating elements of reinsurance, insurance, debt, or equity;
[(19)] (18)
Establish business and corporate entities or organizations pursuant to
the purposes of this chapter; [and]
(19) Receive moneys for deposit into a trust
fund or account from the revenues derived from the transient accommodations tax
imposed pursuant to section 237D‑2(f), the surcharge established
pursuant to section 247- , and special
mortgage recording fee authorized after June 30, 2024, pursuant to section
431P-16, and any other source of revenue available to the board; and
(20) Perform any and all acts reasonably necessary
to carry out the purposes of this chapter."
SECTION
15. Section 431P-5.5, Hawaii Revised
Statutes, is amended as follows:
"§431P-5.5 Accumulation of [$500,000,000 in]
funds and commitments. (a) Upon
written confirmation from the insurance commissioner that the director of
finance has secured [$500,000,000], in the aggregate, a target amount established by the plan of operation
in the form of:
(1) Commitments
from either the federal government or an agency of the federal government or a
financial institution;
(2) Revenue
bonds other than those issued or to be issued in response to the occurrence of
a covered event; or
(3) A
combination of the commitments or bonds;
the
Hawaii hurricane relief
fund shall[:
(1) Control]
control or freeze rates[;] and
[(2) Continue]
continue accumulating premiums from policies of hurricane property
insurance and the special mortgage recording fee, conveyance tax surcharge,
and transient accommodations tax revenue, net of any reinsurance payments,
operating expenses and funds necessary for the development of a comprehensive
loss reduction plan.
(b)
When the balance of the net moneys accumulated totals [$500,000,000,]
the target amount established by the plan of operation, the Hawaii
hurricane relief fund may notify the insurance commissioner of that fact. The insurance commissioner, in turn, may
order, following the receipt of the notice, a reduction in the rates for policies
of hurricane property insurance.
(c)
[In the event of] If a loss from a covered event[,]
occurs, the net moneys accumulated shall be used to settle claims and
pay current and ongoing expenses of the Hawaii hurricane relief fund. The net accumulated moneys, commitments, and
bonds described in subsection (a)(2) shall be used only [in the event] if
losses from a covered event exceed the assessment pursuant to [section
431P-5(b)(8)(B).] section 431P‑5(b)(8)(A).
(d)
[In the event] If the balance of the net accumulated
moneys falls below [$400,000,000,] the minimum amount established by
the plan of operation, the Hawaii hurricane relief fund shall establish
rates, subject to the approval of the insurance commissioner, necessary to replenish
the account balance to [$500,000,000,] the target amount established
by the plan of operation as promptly as reasonably practicable. The director of finance shall seek to arrange
additional commitments whenever the account balance falls below [$500,000,000.]
the target amount established by the plan of operation.
(e)
The Hawaii hurricane relief fund shall be exempt from paying all taxes
and fees levied by the State on other insurers."
SECTION
16. Section 431P-7, Hawaii Revised
Statutes, is amended by amending subsection (c) to read as follows:
"(c) The plan of operation shall:
(1) Establish procedures for performance of all
powers and duties of the fund;
(2) Establish procedures for providing notice to
all persons with interests insurable by the fund in the State of the type of
insurance available from the fund [in the event] if the fund
offers insurance;
(3) Provide for and adopt all necessary forms,
including insurance policies to be used by and on behalf of the fund, for use
by the fund and servicing facilities;
(4) Adopt actuarially sound rates, based on
reasonable assumptions relative to expectations of hurricane frequency and
severity, to be charged for insurance provided by the fund, in accordance with
article 14 of chapter 431;
(5) Publish manuals of rules, rates, and rating
and classification plans, which shall address mandatory deductibles, limits of
coverage, and the classification of risks and rate modifications based on the
exposure of insureds[;], subject to the approval of the commissioner;
(6) Establish procedures for receiving and
servicing applications to the fund;
(7) Establish procedures for processing and
maintaining records of the fund relating to its financial transactions, its
agents, its employees, its operations, and all transactions with any servicing
facility;
(8) Establish procedures for the collection and
remittance of the premiums and return of unearned premiums where applicable;
(9) Establish procedures for the payment of valid
claims;
(10) Establish the target amount under section
431P-5.5(b) and minimum amount under 431P-5.5(d), subject to the approval of
both the commissioner and the director;
[(10)] (11)
Establish procedures for prorating available funds pursuant to section
431P-15;
[(11)] (12)
Establish procedures for obtaining reinsurance;
[(12)] (13)
Establish procedures to borrow funds; and
[(13)] (14)
Develop a plan for the investment of moneys held by the fund [subject
to the limitations in article 6 of chapter 431]."
SECTION 17.
Section 431P-10, Hawaii Revised Statutes, is amended to read as follows:
"§431P-10 Coverage
available from the fund; deductible.
[(a) Policies] Coverage
limits and deductibles for policies issued by the fund covering eligible
property shall [provide a maximum aggregate coverage of up to $750,000 per risk on real property of one to four units used
for residential purposes and $500,000
per risk for real property used for business, commercial, or industrial
purposes and shall provide for a mandatory deductible. The deductible amount for residential
property policies shall be the greater of $1,000 or one per cent of the insured
value or the greater of $2,000 or two per cent of the insured value; provided
that the board may establish higher deductible limits. The deductible amount for commercial property
policies shall be the greater of $5,000 or five per cent of the insured value
or an amount equivalent to all the other perils deductible of the companion
policy; provided that the board may establish higher deductible limits.
(b) Insurers seeking to provide multi-peril
coverage for residential property, including multi-peril coverage of the
hurricane peril, subject to the fund's program for incentives and credits,
shall submit to the commissioner a written request for permission to write the
coverage; provided that in the absence of such authorization, no other policy
of residential property insurance or endorsement to a policy of residential
property insurance on eligible residential property located in this State shall
be issued to provide insurance for damages or losses caused by a covered event
if such coverage is less than that offered by the fund. If multi-peril coverage on commercial
property is no longer being offered by the fund, any multi-peril coverage on
commercial property offered by an insurer shall qualify as a comparable
coverage under section 431P-5(b)(8)(A).
Multi-peril coverage on residential property which [includes] coverage
for hurricane losses offered by an insurer shall qualify as a comparable
coverage under section 431P‑5(b)(8)(A).] be established in the plan of
operation, subject to approval by the commissioner."
SECTION
18. Section 431P-16, Hawaii Revised
Statutes, is amended as follows:
1. By amending subsections (b) and (c) to read:
"(b) The hurricane reserve trust fund shall
receive deposits of the special mortgage recording fee established by this
chapter.
Except as determined by board order, the special mortgage recording fee
shall be imposed on each mortgage and each amendment to a mortgage which, in
each case, increases the principal amount of the secured debt and [which]
is recorded in the bureau of conveyances of the State under chapter 502 or
filed with the assistant registrar of the land court of the State under
chapter 501.
The
special mortgage recording fee shall be an amount equal to [one-tenth] two-tenths of one per cent of
the stated principal amount of the debt secured by the mortgage or, in the case
of an amendment or refinancing of a mortgage, an amount equal to [one-tenth
of one per cent] an adequate percentage recommended by the board and
approved by the insurance commissioner of the amount of the increase of the
stated principal amount of the secured debt; provided that the board may
establish a lower special mortgage recording fee amount pursuant to section [431P‑5(b)(14).]
431P-5(b)(13). With respect to an
open end revolving loan, the principal amount of the debt on which the special
mortgage recording fee is calculated shall be the maximum amount [which]
that may be outstanding under the loan at any one time. With respect to a mortgage securing a
nonmonetary or inchoate obligation, the principal amount of the debt [on]
upon which the special mortgage recording fee is calculated shall be the
monetary amount [which] that the mortgagee attributes to the
obligation. If the debt is stated in a
foreign currency, it shall be converted to U.S. dollars using an exchange rate
published in a newspaper of general circulation in this State within one week
prior to recordation of the mortgage or amendment of mortgage.
The
special mortgage recording fee shall be in addition to any applicable fees
under chapter 501 or 502. The special
mortgage recording fee shall be submitted to and collected by the bureau of
conveyances or the assistant registrar of the land court of the State and shall
be deposited into the hurricane reserve trust fund. The special mortgage recording fee shall be
submitted at the time the mortgage or amendment of mortgage is recorded
together with any related forms or certifications required by the bureau of
conveyances or the assistant registrar of the land court of the State.
(c) The Hawaii hurricane relief fund shall
implement the assessments of all property and casualty insurers as authorized
by section 431P-5(b)(8)(A)[ and (B)] and the proceeds
from the assessments shall be deposited into the hurricane reserve trust fund or into trust or custodial accounts, created for the
benefit of the fund's secured parties, that are held inside or outside the
hurricane reserve trust fund[.]; provided that
after June 30, 2024, all proceeds realized from the collection of the
assessments shall be deposited into a separate trust account within the
hurricane reserve trust fund.
Property
and casualty insurers shall annually recoup assessments paid pursuant to
section 431P- ."
2. By amending subsection (e) to read:
"(e) After each covered event, if the board
determines that the moneys in the hurricane reserve trust fund, excluding
moneys determined by the board to be needed to continue fund operations
following the covered event, will be insufficient to pay claims and other
obligations of the fund arising out of that covered event, the Hawaii hurricane
relief fund shall levy a surcharge not to exceed [seven and
one-half] two per cent a year on premiums charged for all
property and casualty insurance policies issued for risks insured in this
State. These moneys may be deposited
into the hurricane reserve trust fund or into trust or custodial accounts
created for the benefit of the fund's secured parties that are held inside or
outside the hurricane reserve trust fund. The surcharge shall remain in effect until all
claims and other obligations of the fund, including but not limited to claims
under fund policies of hurricane property insurance, claims financing
transactions, bonds, notes, and other obligations arising out of that covered
event have been fully discharged. The
amount and reason for any surcharge made pursuant to this subsection shall be
separately stated on any billing sent to an insured. The surcharge shall not be considered
premiums for any other purpose including the computation of gross premium tax
or the determination of producers' commissions.
The fund may establish procedures for insurers to collect the surcharge
from customers who hold property or casualty policies."
3. By amending subsection (g) to read:
"(g) Any proceeds from loans or other moneys from
the federal government, any proceeds from bonds issued pursuant to this chapter
loaned by the director to the Hawaii hurricane relief fund, all revenues
realized from the transient accommodations tax established pursuant to section 237D-2(f)
on transient vacation rentals and the surcharge on conveyance tax established
pursuant to section 247‑ ,
and other moneys as the State may make available from time to time shall be
deposited into the hurricane reserve trust fund[.]; provided that
commencing on July 1, 2024, all revenues realized from the transient
accommodations tax established pursuant to section 237D-2(f) on transient
vacation rentals, the surcharge on conveyance tax established pursuant to
section 247- , and any special mortgage
recording fee that is reinstated after July 1, 2024, shall be deposited into the
hurricane reserve trust fund."
4. By amending subsection (i) to read:
"(i) Moneys in the hurricane reserve trust fund may be disbursed upon dissolution of the Hawaii hurricane relief fund; provided that:
(1) The net moneys in the hurricane reserve trust fund shall revert to the state general fund after payments by the fund on behalf of licensed property and casualty insurers or the State that are required to be made pursuant to any federal disaster insurance program enacted to provide insurance or reinsurance for hurricane risks are completed; and
(2) If
[such] the moneys are paid on behalf of licensed property and
casualty insurers, payment shall be made in proportion to the premiums from
policies of hurricane property insurance serviced by the insurers in the twelve
months prior to dissolution of the fund;
provided that commencing July 1, 2024, all
interest earned from the principal in the hurricane reserve trust fund shall be
transferred and deposited into [the general] the hurricane reserve
trust fund each year that the hurricane reserve trust fund remains in
existence."
SECTION
19. (a)
Notwithstanding the specific powers provided to the Hawaii hurricane
relief fund board of directors pursuant to section 431P-5, Hawaii Revised
Statutes, or any other law to the contrary, the special mortgage recording fee
established pursuant to section 431P-16, Hawaii Revised Statutes, may be reinstated by the insurance commissioner on any date after
the effective date of this Act.
(b) The special mortgage recording fee amount
shall be assessed at the same rate and under the same conditions that existed
on June 30, 2001, the day prior to the enactment of Act 153, Session Laws
of Hawaii 2001.
(c) The special mortgage recording fee amount
shall remain in force at the rate established pursuant to subsection (b) until
suspended or amended by the Hawaii hurricane relief fund board of directors.
PART
VI
SECTION
20. Statutory material to be repealed is
bracketed and stricken. New statutory
material is underscored.
SECTION
21. This Act shall take effect upon its
approval.
|
INTRODUCED
BY: |
_____________________________ |
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Report Title:
Property Insurance; HHRF; HPIA; Condominiums
Description:
Amends the laws relating to the Hawaii Hurricane Relief Fund and Hawaii Property Insurance Association. Expands the Hawaii Property Insurance Association's authority to include the issuance of property insurance other than fire insurance for certain real properties organized as a condominium. Reinstates the special mortgage recording fee. Explicitly authorizes the Hawaii Property Insurance Association to issue property insurance policies to certain condominiums outside of area designated for coverage by the Hawaii Property Insurance Association. Mandates that the Hawaii Property Insurance Association member insurers recoup assessment costs. Amends specific coverage limits, fund capitalization amounts, and assessment percentages by deleting specified dollar amounts percentages and authorizes the Hawaii Hurricane Relief Fund and the Hawaii Property Insurance Association boards to recommend appropriate amounts and percentages to the Insurance Commissioner.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
