Establishes a fair access to insurance requirements program for high-risk residential properties in Hawaii.

The bill establishes the fair access to insurance requirements program, also known as the FAIR plan, to provide affordable and comprehensive property insurance coverage for residents in high-risk areas. The program is administered by a private insurer selected by the director of commerce and consumer affairs. The insurer will utilize a combination of state-supported and private reinsurance mechanisms to stabilize premiums.

Establishes a fair access to insurance requirements program for high-risk residential properties in Hawaii.

The bill establishes the fair access to insurance requirements program, also known as the FAIR plan, to provide affordable and comprehensive property insurance coverage for residents in high-risk areas. The program is administered by a private insurer selected by the director of commerce and consumer affairs. The insurer will utilize a combination of state-supported and private reinsurance mechanisms to stabilize premiums.