Bill Text: HI SCR2 | 2025 | Regular Session | Introduced

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Bill Title: Requesting The Insurance Commissioner To Conduct A Statewide Study On Title Insurance.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2025-02-03 - Referred to CPN. [SCR2 Detail]

Download: Hawaii-2025-SCR2-Introduced.html

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THE SENATE	S.C.R. NO.	2
THIRTY-THIRD LEGISLATURE, 2025
STATE OF HAWAII

SENATE CONCURRENT

RESOLUTION

 

 

requesting the insurance commissionER to conduct a STATEWIDE study on title insurance.

 

 

     WHEREAS, insurance is a form of risk management designed to protect the consumer from financial loss resulting from unknown or unforeseen events; and

 

     WHEREAS, a title insurance policy is purchased with a one-time payment that protects buyers from unknown claims that may affect the property value or compromise ownership rights in a property; and

 

     WHEREAS, increased upfront costs for the purchase of a home, including title insurance, creates a financial barrier for many prospective buyers; and

 

     WHEREAS, decreasing costs or eliminating title insurance requirements may help alleviate some financial strain on prospective homeowners, creating additional pathways for residents to purchase their own homes; now, therefore,

 

     BE IT RESOLVED by the Senate of the Thirty-third Legislature of the State of Hawaii, Regular Session of 2025, the House of Representatives concurring, that the Insurance Commissioner is requested to study the impacts of reforming title insurance requirements or eliminating title insurance statewide to help reduce financial barriers to home ownership; and

 

     BE IT FURTHER RESOLVED that the Insurance Commissioner is requested to submit a report of its findings and recommendations, including any proposed legislation, to the Legislature no later than twenty days prior to the regular session of 2026; and

 

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

 

 

 

	OFFERED BY:	_____________________________

 

 

 

Report Title: 

DCCA; Insurance Division; Title Insurance; Housing; Homeownership