HOUSE OF REPRESENTATIVES	H.C.R. NO.	73
TWENTY-FIFTH LEGISLATURE, 2010
STATE OF HAWAII

HOUSE CONCURRENT

RESOLUTION

 

 

REQUESTING THE INSURANCE COMMISSIONER TO CONDUCT A STUDY RELATING TO THE HAWAII PROPERTY INSURANCE ASSOCIATION.

 

 

 

     WHEREAS, Act 284, session Laws of Hawaii 1991 established the Hawaii Property Insurance Association to expressly provide appropriately priced basic property insurance for owners and occupants of property in high risk areas for major natural disasters; and

 

     WHEREAS, the Legislature had found that it was in the best interest of the State to foster stability for people adversely affected by major natural disasters, and that basic property insurance should be made available to them; and

 

     WHEREAS, residents from lava zones 1 and 2 have experienced significant increases in recent years for property insurance premiums charged by the Hawaii Property Insurance Association despite the minimum amount of insurance claims filed with Hawaii Property Insurance Association over the last several years; and

 

     WHEREAS, these recent increases in insurance premiums charged by the Hawaii Property Insurance Association raise questions as to whether the Hawaii Property Insurance Association is charging appropriately prices basic property insurance as required pursuant to the intent of Act 284, Session Laws of Hawaii 1991; now, therefore,

 

     BE IT RESOLVED by the House of Representatives of the Twenty-fifth Legislature of the State of Hawaii, Regular Session of 2010, the Senate concurring, that the Insurance Commissioner is respectfully requested to conduct a study of the history of the claims experience for the past ten years relating to article 21, chapter 431, Hawaii Revised Statutes, dealing with the Hawaii Property Insurance Association and the methodology of the Hawaii Property Insurance Association in setting premiums; and

 

     BE IT FURTHER RESOLVED the Insurance Commissioner is requested to submit findings and recommendations, including proposed legislation, to the Legislature not later than twenty days prior to the convening of the Regular Session of 2011; and

 

     BE IT FURTHER RESOLVED that a certified copy of this Concurrent Resolution be transmitted to the Insurance Commissioner.

 

 

 

	OFFERED BY:	_____________________________

Report Title: 

HPIA; Insurance Commissioner