SB 14: RELATING TO INSURANCE.

A BILL FOR AN ACT

relating to insurance.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  Chapter 431, Hawaii Revised Statutes, is amended by adding a new section to article 10E to be appropriately designated and to read as follows:

     "§431:10E-    Property insurance; homeowner's insurance; renter's insurance; premium increase; prohibition; penalties.  (a)  Beginning January 1, 2026, this section shall apply to any insurer offering property, homeowner's, or renter's insurance in the State.

     (b)  Notwithstanding sections 431:14-103 and 431:14-103.3, no insurer shall increase the premium for a policyholder's insurance policy upon renewal; provided that an insurer may increase the premium for a policyholder's insurance policy upon renewal if the insurer:

     (1)  Submits to the policyholder and the commissioner a detailed report containing actuarial data unrelated to natural disasters supporting the proposed premium increase; and

     (2)  Receives approval from the commissioner before the proposed premium increase takes effect.

     (c)  In addition to any other penalties provided by the laws of the State, any insurer violating this section shall be subjected to a fine of up to $           and shall be ordered to make restitution to the policyholder whose premium was increased in violation of this section in an amount not less than $          ."

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect upon its approval and shall be repealed on January 1, 2029.

Report Title:

Property Insurance; Homeowner's Insurance; Renter's Insurance; Premium Increase; Prohibition; Insurance Commissioner

Description:

Beginning January 1, 2026, prohibits an insurer of property, homeowner's, or renter's insurance from increasing the premium for a policyholder's insurance policy upon renewal unless the insurer submits a report to the policyholder and Insurance Commissioner and receives approval from the Insurance Commissioner.  Establishes penalties.  Sunsets 1/1/2029.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.