Report Title:
Motor Vehicle Insurance; Subrogation
Description:
Allows an insurer providing underinsured motorist coverage to assert a subrogation right against a third-party tortfeasor. (SD1)
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THE SENATE |
S.B. NO. |
939 |
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TWENTY-FIRST LEGISLATURE, 2001 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to motor vehicle insurance.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 431:10C, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§431:10C- Underinsured motorist coverage; subrogation. An insurer providing underinsured motorist coverage may assert a subrogation right against a third-party tortfeasor, if the insurer extends additional underinsured motorist coverage in an amount equal to the liability policy limits of the third-party tortfeasor. An insurer's failure to extend additional coverage shall preclude the assertion of a subrogation right."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect on July 1, 2050.