SB1137

Hawaii SB1137 mandates insurers to notify policyholders of rate changes within 30 days after approval and at least 30 days before the change takes.

Hawaii SB1137 requires insurers to provide written notice to policyholders about rate changes. The notice must include the new rate, effective date, percentage change, reasons for the change, and contact information for inquiries. This notice must be sent no later than 30 days after the rate change is approved and at least 30 days before the change takes effect. Failure to comply results in administrative penalties. This requirement aims to enhance consumer protection and transparency in the insurance market.