Hawaii SB842 mandates the insurance commissioner to develop standards for condominium associations and developers to obtain property insurance.
Hawaii SB842 addresses the rising challenges condominium unit owners face in obtaining affordable insurance. It requires the insurance commissioner to create comprehensive standards and requirements for condominium associations and developers to secure property insurance through self-insurance and mutual insurance. The bill also mandates the examination of guaranteed buyback programs and investment-based protection funds for condominiums. The commissioner must submit findings and recommendations to the legislature by the 2026 regular session.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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