Establishes the Hawaii condominium mutual insurance company to provide property and casualty insurance coverage to high-rise residential condominiums.
The Hawaii condominium mutual insurance company is established to provide property and casualty insurance coverage to high-rise residential condominiums and their unit owners. The company is exempt from certain insurance regulations but must participate in the property and liability insurance guaranty association starting January 1, 2027. The company's board of directors consists of eight policyholder representatives and one public member. The company is overseen by a council that reviews its activities and reports to the governor.
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