Requires the renewal of property insurance at least once following the loss or damage of any covered property of the insured resulting from a catastrophe.

A BILL FOR AN ACT

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

"§431:10E- Property insurance; renewal following catastrophe. Every property insurance policy shall provide for the renewal of the policy at least once following any property loss or damage covered by the policy and caused by seismic wave, flood, fire, hurricane, earthquake, storm, volcanic activity, explosion, or other catastrophe."

SECTION 2. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun, before its effective date.

SECTION 3. New statutory material is underscored.

SECTION 4. This Act shall take effect upon its approval.