Only A Few Insurance-Related Bills Enacted By The Hawaii Legislature
Several insurance-related bills were introduced by the Hawaii Legislature, but only a few were passed before the session ended on May 3, 2024. Here are the bills that were passed by the Legislature and sent to the Governor for signature.
HB 1686 – Increases the reimbursement rate for chiropractic treatments for personal injury protection benefits under motor vehicle insurance from $75 to $100.
HB 2394 – Amends various provisions of the Insurance Code to update and improve existing provisions related to captive insurers, trade names, continuing education provider filing requirements, reinsurance, surety bonds, and amends certain definitions.
SB 3083 – Amends various sections of Article 11 of the Insurance Code to adopt revisions to the National Association of Insurance Commissioners Model No. 440, Insurance Holding Company System Regulatory Act.
Major revisions to regulating property insurance were introduced in SB 3234, but did not pass the Legislature, The bill would have amended laws relating to the Hawaii Hurricane Relief Fund and the Hawaii Property Insurance Association by imposing a different transient accommodation tax rate for transient vacation rentals. The bill would have imposed a property insurance surcharge on conveyance tax and a temporary property insurance stabilization fee on real property transactions to capitalise the Hawaii Property Insurance Association and Hawaii Hurricane Relief Fund. The bill would have amended the designated geographic areas eligible for coverage to specifically include lava zones 1 and 2. Further, the bill would have mandated that the Hawaii Hurricane Relief Fund and Hawaii Property Insurance Association to be insurers of last resort.
