Hawaii SB804 regulates insurance premiums for condominium properties, offering discounts for fire safety upgrades and disaster response plans.
Hawaii SB804 amends state statutes to regulate insurance premiums for condominium properties. It mandates that property insurers offer discounts for fire safety upgrades and disaster response plans. Insurers must justify premium increases with actuarial data and risk assessments. The bill also limits premium increases to 10% unless justified by external factors. It requires insurers to file annual reports detailing premium increases and allows the commissioner to review these reports. The bill takes effect on July 1, 2025.
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