Hawaii SB2952 mandates insurers to notify policyholders of rate changes at least sixty days in advance.

Hawaii SB2952 aims to enhance transparency and accountability in the insurance industry by requiring insurers to provide direct written notifications to policyholders about rate changes. Starting January 1, 2027, insurers must inform policyholders of any rate changes at least sixty days before the effective date. The notification must include the new rate, its effective date, the percentage change compared to the prior period, reasons for the change, and contact information for the insurer or the Hawaii insurance division. Failure to comply will result in administrative penalties.

Hawaii SB2952 mandates insurers to notify policyholders of rate changes at least sixty days in advance.

Hawaii SB2952 aims to enhance transparency and accountability in the insurance industry by requiring insurers to provide direct written notifications to policyholders about rate changes. Starting January 1, 2027, insurers must inform policyholders of any rate changes at least sixty days before the effective date. The notification must include the new rate, its effective date, the percentage change compared to the prior period, reasons for the change, and contact information for the insurer or the Hawaii insurance division. Failure to comply will result in administrative penalties.