HOUSE OF REPRESENTATIVES

H.B. NO.

370

TWENTY-EIGHTH LEGISLATURE, 2015

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to hawaii property insurance association.

 

 

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

 


SECTION 1. Section 431:21-108, Hawaii Revised Statutes, is amended to read as follows:

"[[]431:21-108[]] Renewals of existing policies[.]; transfers of existing policies. (a) Member insurers shall renew policies in existence on [June 18, 1991,] January 1, 2014, on property situated in the area designated by the commissioner under section 431:21-107. A member insurer may choose not to renew such a policy if the insured property does not meet the member insurer's underwriting criteria[.], unless the sole criterion for failing to renew the policy is a pending natural disaster.

(b) Any policy in existence upon a transfer in the ownership of property situated in the area designated by the commissioner under section 431:21-107 shall remain in force until the next renewal date of the policy; provided that premium payments for the policy are made."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

HPIA; Policy Renewals; Continued Coverage

 

Description:

Requires member insurers of HPIA to renew policies that were in effect as of 1/1/2014. Provides for continued coverage under an existing HPIA policy upon a transfer in ownership of the property.

 

 

 

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