HB253

Hawaii HB253 allows admitted insurers to offer condominium master insurance or hurricane insurance at up to 50% of the surplus lines insurer's rate.

Hawaii HB253 amends insurance regulations to allow admitted insurers to offer condominium master insurance or hurricane insurance at up to 50% of the rate charged by surplus lines insurers. This applies if the condominium association has been covered by such a policy from a surplus lines insurer for at least three years. The lower rate is limited to six years, and the admitted insurer can require the association to deposit funds into its replacement reserves or make maintenance and repairs.