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.

This resolution requests Hawaii's Insurance Commissioner to study alternative insurance models for condominium associations and unit owners, addressing severe premium increases (300-600% in 2024) that have left many properties underinsured. It specifically directs the study to examine mutual insurance standards and building life insurance models, which would require 60-year contracts, maintenance schedules, escrow accounts for premiums, and predictable premium adjustments. The study must evaluate feasibility and include recommendations for potential legislation, with a report due to the Legislature by early 2026. This affects all Hawaii condo associations and unit owners facing coverage shortages that risk mortgage access and rebuild costs after disasters.