Hawaii SB802 amends property insurance regulations to enhance transparency and consumer protection.
Hawaii SB802 introduces several changes to property insurance practices. Insurers must provide detailed explanations for premium increases, including reasons and market conditions, and notify policyholders of their right to appeal. The bill mandates insurers to offer premium discounts for implementing disaster risk mitigation measures. It also requires insurers to file annual reports with the commissioner, detailing average premium increases and reasons for policy cancellations or non-renewals.
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- Legal Framework
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