Hawaii HB490 requires the insurance commissioner to develop standards for condominium associations and developers to obtain property insurance.
Hawaii HB490 addresses the challenges condominium unit owners face in obtaining affordable insurance coverage. The bill mandates the insurance commissioner to develop comprehensive standards and requirements for condominium associations and developers to obtain property insurance through self-insurance and mutual insurance. It also examines the feasibility of guaranteed buyback programs and investment-based protection funds for condominiums. The commissioner must submit findings and recommendations, including any proposed legislation, to the legislature before the 2026 regular session.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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