Hawaii SB2686 mandates insurance and project disclosures for condominium associations.

Hawaii SB2686 requires insurance producers to disclose services, compensation, and commissions before procuring, placing, or renewing any insurance policy with an annual premium over $250,000. The board must obtain at least two competitive quotes for such policies. For capital improvement, repair, or maintenance projects costing over $200,000, the board must prepare and disclose a one-page summary to unit owners, including total project cost, funding source, change orders, and compensation paid to service providers.

Hawaii SB2686 mandates insurance and project disclosures for condominium associations.

Hawaii SB2686 requires insurance producers to disclose services, compensation, and commissions before procuring, placing, or renewing any insurance policy with an annual premium over $250,000. The board must obtain at least two competitive quotes for such policies. For capital improvement, repair, or maintenance projects costing over $200,000, the board must prepare and disclose a one-page summary to unit owners, including total project cost, funding source, change orders, and compensation paid to service providers.