SB1575

SB1575 allows admitted insurers to offer condominium master insurance policies at up to 50% of the surplus lines insurer's rate for six years.

SB1575 amends Hawaii Revised Statutes to allow admitted insurers to offer condominium master insurance policies at up to 50% of the rate charged by surplus lines insurers. This applies if the condominium association has been covered by a condominium master insurance policy or condominium master hurricane insurance policy from a surplus lines insurer for at least three years. The lower rate is limited to six years, and the admitted insurer may require the condominium association to deposit funds in the replacement reserves or make maintenance and repairs.