Hawaii SB842 requires the insurance commissioner to develop standards for condominium associations and developers to obtain property insurance.

Hawaii SB842 addresses the challenges condominium unit owners face in obtaining affordable insurance. The bill mandates the insurance commissioner to create comprehensive standards and requirements for condominium associations and developers to secure property insurance via self-insurance and mutual insurance. It also explores the feasibility of guaranteed buyback programs and investment-based protection funds. The commissioner must submit findings and recommendations, including proposed legislation, to the legislature before the 2026 session.

Hawaii SB842 requires the insurance commissioner to develop standards for condominium associations and developers to obtain property insurance.

Hawaii SB842 addresses the challenges condominium unit owners face in obtaining affordable insurance. The bill mandates the insurance commissioner to create comprehensive standards and requirements for condominium associations and developers to secure property insurance via self-insurance and mutual insurance. It also explores the feasibility of guaranteed buyback programs and investment-based protection funds. The commissioner must submit findings and recommendations, including proposed legislation, to the legislature before the 2026 session.