RELATING TO THE STABILIZATION OF PROPERTY INSURANCE.

Added new statutory definitions for 'condominium', 'high-rise condominium', and 'property insurance' to clarify which properties qualify for coverage under the stabilization program.

Replaced the special mortgage recording fee with a temporary recording fee that can be activated by the Hawaii Hurricane Relief Fund Board as a flat assessment on recorded documents, designed to reduce regressive financial impacts on homebuyers.

Expanded eligibility to include single-family residences, townhouses, and other property categories beyond condominiums when the insurance market experiences failure, as determined by the association and approved by the insurance commissioner.

Added requirements for property inspections before coverage issuance, particularly for high-rise condominiums, and established procedures for maintenance issues that could materially affect insurability.

Changed the effective date from an unspecified date to July 1, 2050, and added specific deadlines for the insurance commissioner to conduct studies and submit reports to the legislature by 2026 and 2027.

Established new recoupment mechanisms allowing insurers to recover assessments through premium surcharges, and created procedures for the fund to collect fees and manage financial obligations.

Included metadata additions such as bill numbers, dates, and formatting changes typical of legislative markup, along with reorganization of sections and statutory citations.

Added general fund appropriations and a temporary recording fee mechanism to fund the Hawaii Hurricane Relief Fund, replacing the repealed special mortgage recording fee.

Authorized the Hawaii Hurricane Relief Fund to reactivate insurer assessments to augment capitalization.

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

Added requirements for property inspections and maintenance standards before coverage can be issued to ensure properties remain in insurable condition.

Added new definitions for 'condominium', 'high-rise condominium', and 'property insurance' to clarify coverage scope and exclusions.

Added a requirement for the Insurance Commissioner to conduct a study on long-term solutions to stabilize the property insurance market.

Added authority for the Hawaii Hurricane Relief Fund to impose fines and surcharges for nonpayment of assessments and fees.

Appropriates general funds as a loan to the Hawaii Property Insurance Association for administrative costs, solvency, and reinsurance purchases, and authorizes general obligation bonds to provide working capital for the Hawaii Hurricane Relief Fund.

Replaces the special mortgage recording fee with a temporary flat recording fee that can be activated, reduced, or terminated by the Hawaii Hurricane Relief Fund board to reduce regressive financial impacts on homebuyers.

Expands insurance coverage eligibility to include single-family residences, townhouses, and other property categories beyond condominiums when the insurance market experiences failure.

Adds new statutory definitions for 'condominium,' 'high-rise condominium,' 'property insurance,' and 'eligible property' to clarify coverage requirements and scope.

Requires condominium associations to undergo inspections and meet specific maintenance standards before obtaining coverage, and mandates that high-rise condominiums be insured for no more than sixty months.

Requires the Insurance Commissioner to conduct a study to identify long-term solutions for stabilizing the property insurance market and submit recommendations to the legislature by 2026 and 2027.

Sets the effective date of the Act to July 1, 3000, indicating this is a placeholder date that will be updated when the bill is finalized.

Establishes procedures for the Hawaii Property Insurance Association and Hawaii Hurricane Relief Fund to assess member insurers, collect premiums, and manage reserve trust funds to ensure financial stability.

Added new funding mechanisms including general fund appropriations, a temporary recording fee to replace the special mortgage recording fee, and bonds to fund the condominium loan program and hurricane relief fund.

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

Added mandatory inspection requirements for condominiums seeking coverage and requirements for condominium associations to increase replacement reserves over loan terms.

Expanded insurance coverage eligibility to include single-family homes and townhouses if the standard insurance market fails for those property types.

Created a new condominium loan program and loan loss reserves program to provide low-cost financing and credit enhancements for condominium associations performing maintenance or repairs.

Added new definitions for 'condominium', 'high-rise condominium', 'property insurance', and 'eligible property' to clarify coverage eligibility.

Established a five-year coverage period for the condominium insurance program and set an end date of June 30, 2047 for the condominium loan revolving fund.

Added authority for the insurance commissioner to conduct studies and submit reports on long-term solutions for stabilizing the property insurance market.