Bill Text: HI SB142 | 2025 | Regular Session | Amended
Bill Title: Relating To Insurance.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced) 2025-02-21 - The committee(s) on JDC recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in JDC were as follows: 4 Aye(s): Senator(s) Rhoads, Chang, San Buenaventura, Awa; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Gabbard. [SB142 Detail]
Download: Hawaii-2025-SB142-Amended.html
|
THE SENATE |
S.B. NO. |
142 |
|
THIRTY-THIRD LEGISLATURE, 2025 |
S.D. 1 |
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
relating to insurance.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 431, Hawaii Revised Statutes, is
amended by adding a new section to article 10E to be appropriately designated and to
read as follows:
"§431:10E- Payment of proceeds involving mortgaged property. (a) When a homeowners insurance
policy that covers a mortgaged property allows for the payment of proceeds by
issuing a check, the insured may authorize the insurer to electronically
deliver the check to the insured's mortgagee.
(b) A mortgagee
in receipt of electronic delivery of a claim check pursuant to subsection (a)
shall deliver the proceeds of the claim to the insured in accordance with the
mortgage agreement and the insurance policy.
(c) For the purposes of this section, "check"
has the same meaning as defined in section 490:3-104."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2050.
Report Title:
Property Insurance; Claims; Payment; Mortgaged Property; Electronic Delivery
Description:
Allows an insured to authorize the insurer to electronically deliver a claim check to the insured's mortgagee when a homeowners insurance policy that covers a mortgaged property allows for the payment of proceeds by issuing a check. Requires a mortgagee in receipt of electronic delivery of a claim check to deliver the proceeds of the claim to the insured in accordance with the mortgage agreement and the insurance policy. Effective 7/1/2050. (SD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
