Hawaii HB255 mandates insurers to notify policyholders of premium increases and requires the insurance commissioner to review and report on these.
Hawaii HB255 amends Chapter 431 of the Hawaii Revised Statutes to require insurers to provide written premium change notices to policyholders for condominium associations, planned community associations, and cooperative housing corporations if the premium increase is 5% or more. The notice must be sent at least 30 days before the policy renewal and include reasonable explanations for the increase. Insurers must also file a copy of the notice with the insurance commissioner.
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