SB2947 establishes a framework for wildfire risk model transparency and mitigation incentives in residential property insurance.

SB2947 amends Hawaii Revised Statutes to enhance transparency and incentivize wildfire risk mitigation in residential property insurance. The bill mandates insurers to disclose wildfire risk scores and classifications, and the factors influencing these scores. Insurers must also provide notices and appeal processes for policyholders regarding their risk scores and any mitigation discounts. The bill requires insurers to recognize property-specific and community-level mitigation actions through underwriting, pricing, and premium discounts.

SB2947 establishes a framework for wildfire risk model transparency and mitigation incentives in residential property insurance.

SB2947 amends Hawaii Revised Statutes to enhance transparency and incentivize wildfire risk mitigation in residential property insurance. The bill mandates insurers to disclose wildfire risk scores and classifications, and the factors influencing these scores. Insurers must also provide notices and appeal processes for policyholders regarding their risk scores and any mitigation discounts. The bill requires insurers to recognize property-specific and community-level mitigation actions through underwriting, pricing, and premium discounts.