REQUESTING THE INSURANCE COMMISSIONER TO CONDUCT A STUDY OF ALTERNATIVE INSURANCE MODELS THAT MAY PROVIDE VIABLE SOLUTIONS FOR CONDOMINIUM ASSOCIATIONS AND CONDOMINIUM UNIT OWNERS IN THE STATE.

HCR 85 is a resolution requesting Hawaii's Insurance Commissioner to study alternative insurance models for condominium associations and unit owners. It specifically directs the study to examine mutual insurance models and building life insurance, which would require developers to secure long-term coverage (60+ years), establish maintenance schedules, and manage premiums in escrow accounts. The study must develop standards for mutual insurance and evaluate building life insurance's feasibility, including how premiums would be calculated based on building materials and maintenance. The resulting report, due by early 2026, will inform potential future legislation to address soaring insurance costs affecting hundreds of condominium associations.