Hawaii HB2036 mandates insurers to return excessive profits to policyholders.

Hawaii HB2036 aims to ensure private passenger automobile insurers return excessive profits to policyholders. Insurers must file data annually, including earned premiums and incurred losses. If insurers realize excessive profits over three years, they must refund these amounts unless it would cause financial impairment. Refunds can be cash or credits on future premiums. This bill seeks to address high uninsured rates and high living costs in Hawaii by promoting insurer affordability.

Hawaii HB2036 mandates insurers to return excessive profits to policyholders.

Hawaii HB2036 aims to ensure private passenger automobile insurers return excessive profits to policyholders. Insurers must file data annually, including earned premiums and incurred losses. If insurers realize excessive profits over three years, they must refund these amounts unless it would cause financial impairment. Refunds can be cash or credits on future premiums. This bill seeks to address high uninsured rates and high living costs in Hawaii by promoting insurer affordability.