HB 426 Hawaii House · 2025 Regular Session

RELATING TO THE STABILIZATION OF PROPERTY INSURANCE.

Summary

Expands the powers of the Hawaii Property Insurance Association and reactivates the Hawaii Hurricane Relief Fund to help to stabilize the property insurance market in the State. Requires the Insurance Commissioner to conduct a study. Appropriates funds. Effective 7/1/3000. (HD1)

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 17, 2025 Last action Feb 7, 2025

Maddy AI version diff · 1 comparison

What changed between versions

HB426 → HB426_HD1 · 6 edits

MODERATE

This bill stabilizes Hawaii's property insurance market by expanding the Hawaii Property Insurance Association's authority to cover more property types beyond just condominiums, reactivating the Hawaii Hurricane Relief Fund with new funding mechanisms, and replacing the regressive special mortgage recording fee with a flat temporary recording fee. The changes address insurance market failures caused by recent wildfires and hurricanes, ensuring lenders can finance mortgages that meet federal secondary market requirements.

Scope change

Expanded from exclusively covering condominium buildings to include single-family homes, townhouses, and other property categories experiencing insurance market failures, plus added coverage for lava zones 1 and 2.

SCOPE

Extended insurance coverage eligibility beyond condominiums to include single-family residences, townhouses, and other property types when the insurance market fails.

FISCAL

Replaced the special mortgage recording fee with a flat temporary recording fee to reduce regressive financial impact on homebuyers.

DEFINITION

Added new definitions for 'Condominium', 'High-rise condominium', and 'Property insurance' to clarify coverage requirements.

REQUIREMENT

Added inspection requirements for condominium properties before insurance coverage can be issued or renewed.

TIMELINE

Extended coverage period to five years and established a requirement for the Insurance Commissioner to conduct a long-term market stabilization study.

ENFORCEMENT

Added provisions for assessing licensed property and casualty insurers to fund the Hawaii Hurricane Relief Fund and established surcharge mechanisms.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 7, 2025

Committee

Reported from CPC (Stand. Com. Rep. No. 252) as amended in HD 1, recommending passage on Second Reading and referral to FIN.

lower

Jan 30, 2025

Lower · Passed

The committee on CPC recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 10 Ayes: Representative(s) Matayoshi, Chun, Ilagan, Ichiyama, Iwamoto, Kong, Lowen, Marten, Tam, Pierick; Ayes with reservations: none; Noes: none; and Excused: none.

lower

Jan 21, 2025

Committee

Referred to CPC, FIN, referral sheet 2

lower

Jan 21, 2025

Introduced

Introduced and Pass First Reading.

lower

Jan 17, 2025

Introduced

Pending introduction.

lower

2 primary · 0 co-sponsors