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

Hawaii SB1137 aims to enhance transparency and accountability in the insurance industry by requiring insurers to provide direct written notifications to policyholders about rate changes. This bill emphasizes the importance of timely communication, ensuring policyholders receive clear information about new rates, percentage changes, and reasons for the adjustments. The notification must be sent no later than 30 days after the rate change is approved by the insurance commissioner and at least 30 days before the change becomes effective.

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

Hawaii SB1137 aims to enhance transparency and accountability in the insurance industry by requiring insurers to provide direct written notifications to policyholders about rate changes. This bill emphasizes the importance of timely communication, ensuring policyholders receive clear information about new rates, percentage changes, and reasons for the adjustments. The notification must be sent no later than 30 days after the rate change is approved by the insurance commissioner and at least 30 days before the change becomes effective.