Hawaii HB253 allows admitted insurers to offer condominium master insurance or hurricane insurance at a reduced rate if the condominium association.

Hawaii HB253 amends Chapter 431 of the Hawaii Revised Statutes to introduce an exception for condominium master insurance or condominium master hurricane insurance policies issued by surplus lines insurers. If a condominium association has been covered by such a policy for at least three years, an admitted insurer can offer a policy at no more than 50% of the surplus lines insurer's rate. This offer is limited to six years and may require the condominium association to deposit funds into its replacement reserves or make certain repairs.

Hawaii HB253 allows admitted insurers to offer condominium master insurance or hurricane insurance at a reduced rate if the condominium association.

Hawaii HB253 amends Chapter 431 of the Hawaii Revised Statutes to introduce an exception for condominium master insurance or condominium master hurricane insurance policies issued by surplus lines insurers. If a condominium association has been covered by such a policy for at least three years, an admitted insurer can offer a policy at no more than 50% of the surplus lines insurer's rate. This offer is limited to six years and may require the condominium association to deposit funds into its replacement reserves or make certain repairs.