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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2049 |
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THIRTY-SECOND LEGISLATURE, 2024 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to the Hawaii property insurance association.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the Hawaii property insurance association was originally created in 1991 by the legislature to provide basic property insurance for persons unable to purchase homeowners coverage in the private market due to the ongoing volcanic eruption on Hawaii island. Later, the Hawaii property insurance association expanded by offering basic property insurance throughout the rest of the State.
The legislature further finds that the Hawaii property insurance association is run by a board of directors consisting of eight insurance companies elected by the membership and four individuals appointed by the Hawaii insurance commissioner to represent the public and insurance agents in the State. However, the Hawaii property insurance association's website does not provide a list of current board members and other general information that may be valuable to the public. Therefore, it is critical to increase the transparency of, and access to, the Hawaii property insurance association by making certain information readily available to the public.
The
purpose of this Act is to require the Hawaii property insurance association to
post information about its board members and an annual report on its website.
SECTION 2. Chapter 431, Hawaii Revised Statutes, is amended by adding a new section to article 21 to be appropriately designated and to read as follows:
"§431:21-
Board member information; annual report; website. The
association shall post the following on its website:
(1) Background
information about the members of the board of directors of the association,
including but not limited to names of members and contact information, such as
an electronic mail address; and
(2) An annual
report on the status of the association, including but not limited to:
(A) A
review of the board's management actions, including justification for any rate
adjustments; and
(B) Financial
and management reports."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Hawaii Property Insurance Association; Board Members; Annual Report; Website
Description:
Requires the Hawaii Property Insurance Association to post information about its board members and an annual report on its website.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.