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HOUSE OF REPRESENTATIVES |
H.B. NO. |
591 |
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TWENTY-FIRST LEGISLATURE, 2001 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO LIMITING HURRICANE PROPERTY INSURANCE RISK.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 431, Hawaii Revised Statutes, is amended by adding to article 3 a new section to be appropriately designated and to read as follows:
"§431:3- Limiting hurricane property insurance risk. (a) It is a public policy that hurricane property insurance be regulated to ensure, as much as possible, that risks are spread so that claims can be paid in case of a catastrophic event without jeopardizing the financial health of insurers.
(b) The commissioner shall use an actuarial analysis of a hurricane property insurer's financial ability to pay potential claims to assist in carrying out this public policy.
(c) The actuarial analysis shall include, but not be limited to, the following:
(1) Insurer exposure to property claims;
(2) Reinsurance ceded or assumed;
(3) The availability of hurricane property insurance in the State; and
(4) Any other criteria that may impact property insurance claims payment in the State."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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