Establishes the Hawaii Insurance of Last Resort Act to provide affordable property insurance for high-risk areas.
The Hawaii Insurance of Last Resort Act establishes a program to offer affordable and comprehensive property insurance coverage for residents in high-risk areas. The program, administered by a private insurer, aims to fill the gap in the insurance market for properties considered high-risk due to their location or natural risk profile. The selected insurer must comply with consumer protection standards, including transparent communication of policy terms and timely claims processing.
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- Core Provisions
- Implementation
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- Legal Framework
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