SB 805 Hawaii Senate · 2026 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 passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Feb 2025

Senate Passage

Feb 2025

House Passage

Governor

Introduced Jan 17, 2025 Last action Dec 8, 2025

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What changed between versions

SB805 → SB805_SD1 · 6 edits

MODERATE

The bill was revised to transition from a Senate bill to a Senate District 1 version, updating metadata and formatting. Substantively, the bill now establishes the Hawaii Condominium Mutual Insurance Company with a new oversight council and stricter fiduciary duties for the board. It also restructures funding by moving from direct appropriations to a loan mechanism and changes the effective date to July 1, 2050, while keeping initial funding effective in 2025.

Scope change

The bill's scope remains focused on high-rise residential condominiums, but the operational structure changed by adding an oversight council and redefining board duties to include specific financial and actuarial responsibilities.

TIMELINE

The effective date of the Act was changed from immediate approval to July 1, 2050, with specific funding sections taking effect on July 1, 2025.

REQUIREMENT

A new 'Oversight Council' was established to monitor the mutual insurance company, consisting of state officials and policyholder representatives.

Board of directors duties were expanded to include specific mandates for diversifying investments, hiring independent actuaries, and purchasing liability insurance for directors.

New sections were added regarding premium rate determination, requiring the board to set rates sufficient to cover claims and expenses.

FISCAL

Funding mechanism was altered; the bill now appropriates money for a loan to the insurance company rather than direct funding, and removed specific appropriation amounts to be filled in later.

DEFINITION

Definitions and terminology were adjusted, such as changing 'residential condominium property' to 'residential condominium associations' in certain contexts.

Floor votes

How they voted

This bill passed the Senate. No roll call record of that vote is available.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 13, 2025

Upper · Passed

Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.

upper

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.