SB1575 amends Hawaii insurance laws to allow admitted insurers to offer lower rates for condominium master insurance or hurricane insurance.

SB1575 amends Chapter 431 of the Hawaii Revised Statutes to allow admitted insurers to offer condominium master insurance or condominium master hurricane insurance at a rate no more than fifty percent of what a surplus lines insurer charges. This applies if the condominium association has been covered by such a policy from a surplus lines insurer for at least three years. The bill also allows admitted insurers to require the condominium association to deposit a specific amount in the association's replacement reserves fund or to make certain maintenance and repairs.

SB1575 amends Hawaii insurance laws to allow admitted insurers to offer lower rates for condominium master insurance or hurricane insurance.

SB1575 amends Chapter 431 of the Hawaii Revised Statutes to allow admitted insurers to offer condominium master insurance or condominium master hurricane insurance at a rate no more than fifty percent of what a surplus lines insurer charges. This applies if the condominium association has been covered by such a policy from a surplus lines insurer for at least three years. The bill also allows admitted insurers to require the condominium association to deposit a specific amount in the association's replacement reserves fund or to make certain maintenance and repairs.