SB 805 Hawaii Senate · 2025 Regular Session

RELATING TO CONDOMINIUM INSURANCE.

Summary

Establishes the Hawaii Condominium Mutual Insurance Company to provide property and casualty insurance to high-rise residential condominium associations and the owners of those units. Requires reports to the Governor. Establishes the Condominium Loan Fund to assist associations of apartment owners experiencing increased insurance costs. Appropriates funds. Effective 7/1/2050. (SD1)

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 17, 2025 Last action Feb 13, 2025

Maddy AI version diff · 1 comparison

What changed between versions

SB805 → SB805_SD1 · 6 edits

MODERATE

This bill establishes a new Hawaii Condominium Mutual Insurance Company to provide property and casualty insurance to high-rise residential condominiums, stabilizing the market after insurance options have become scarce and expensive. It creates a new oversight council to monitor the company and establishes a Condominium Loan Fund to help associations facing increased insurance costs. The bill also appropriates state funds to support the new mutual insurance company and loan fund.

Scope change

The bill expands insurance coverage options specifically for high-rise residential condominium properties by creating a state-run mutual insurance company, while also establishing financial assistance mechanisms for condominium associations experiencing premium increases.

SCOPE

Establishes a new Hawaii Condominium Mutual Insurance Company to provide property and casualty insurance to high-rise residential condominiums and their unit owners.

REQUIREMENT

Creates a nine-member board of directors and a five-member oversight council to oversee the mutual insurance company's operations and ensure it fulfills its purpose.

FISCAL

Establishes a Condominium Loan Fund in the state treasury and appropriates state funds to provide loans to the mutual insurance company and to associations of apartment owners facing increased insurance costs.

DEFINITION

Defines key terms including 'high-rise residential condominium property' and establishes criteria for who can serve on the board and council.

TIMELINE

Sets the effective date for most provisions to July 1, 2050, with funding and loan provisions taking effect earlier on July 1, 2025.

ENFORCEMENT

Requires the oversight council to review the company's activities annually and report to the governor on whether the company is fulfilling its purpose.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 13, 2025

Committee

Reported from CPN (Stand. Com. Rep. No. 439) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

upper

Feb 4, 2025

Upper · Passed

The committee(s) on CPN recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in CPN were as follows: 4 Aye(s): Senator(s) Keohokalole, Fukunaga, Richards, Awa; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) McKelvey.

upper

Jan 24, 2025

Upper · Passed

The committee(s) on CPN has scheduled a public hearing on 01-31-25 9:30AM; Conference Room 229 & Videoconference.

upper

Jan 23, 2025

Committee

Referred to CPN, WAM.

upper

Jan 17, 2025

Introduced

Introduced.

upper

5 primary · 2 co-sponsors