Hawaii SB706 amends insurance association powers to include commercial property coverage.

Hawaii SB706 amends the powers and duties of an insurance association to include the formulation and administration of a plan of operation for insuring persons with an insurable interest in real property, including commercial property, or tangible personal property in a designated area. The bill also allows the association to assess member insurers for extraordinary losses, with certain limitations on the amount of the assessment. The association is required to reimburse servicing facilities for obligations and expenses, and to collect and maintain statistical information as needed.

Hawaii SB706 amends insurance association powers to include commercial property coverage.

Hawaii SB706 amends the powers and duties of an insurance association to include the formulation and administration of a plan of operation for insuring persons with an insurable interest in real property, including commercial property, or tangible personal property in a designated area. The bill also allows the association to assess member insurers for extraordinary losses, with certain limitations on the amount of the assessment. The association is required to reimburse servicing facilities for obligations and expenses, and to collect and maintain statistical information as needed.