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Bill

Bill

HB 253

RELATING TO INSURANCE.

2025 Regular Session Introduced by Cory Chun and 1 co-sponsor

Bill HB 253 updates insurance regulations, enhancing coverage for condominiums and adjusting rates, impacting insurers, condo owners, and consumers' access to affordable insurance.

Reported from CPC (Stand. Com. Rep. No. 254) as amended in HD 1, recommending passage on Second Reading and referral to FIN.
#admittedinsurers #condominiums #insurance #rates #surpluslinesinsurance
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Bill Summary · HB 253

Summary of Bill HB 253: Relating to Insurance

Overview

Bill HB 253 aims to address various aspects of insurance regulation, particularly focusing on admitted insurers, condominiums, insurance rates, and surplus lines insurance. The bill has undergone amendments and is currently progressing through the legislative process.

Key Provisions

  • Insurance Regulation: The bill seeks to amend existing regulations governing admitted insurers and surplus lines insurance, potentially impacting how these entities operate within the state.
  • Condominium Insurance: Specific provisions may be included to clarify or enhance insurance requirements for condominiums, ensuring adequate coverage and protection for residents and property owners.
  • Rate Adjustments: The bill may introduce measures for adjusting insurance rates, which could affect both consumers and insurers in terms of pricing and availability of coverage.

Legislative Progress

  • Introduced: January 16, 2025
  • First Reading: The bill passed its first reading on January 17, 2025.
  • Committee Review:
    • On January 28, 2025, the bill was scheduled for a hearing by the Committee on Consumer Protection & Commerce (CPC).
    • On January 30, 2025, the CPC recommended that the bill be passed with amendments, receiving unanimous support (10 Ayes) and no opposition.
  • Second Reading: The bill passed its second reading on February 7, 2025, as amended in HD 1, and was referred to the Finance Committee (FIN) for further consideration.

Impact

  • Affected Parties: The bill is expected to impact various stakeholders, including:
    • Insurance Companies: Changes in regulations may affect how insurers operate and set rates.
    • Condominium Owners and Residents: Enhanced insurance requirements could provide better protection but may also lead to increased costs.
    • Consumers: Adjustments to insurance rates could influence affordability and access to coverage.

Next Steps

Following its referral to the Finance Committee, the bill will undergo further evaluation and potential amendments before it can be voted on again. The timeline for subsequent readings and potential enactment will depend on the committee's schedule and legislative priorities.

Related Legislation

  • SB 1575: This bill serves as a companion to HB 253, suggesting that there may be parallel efforts in the Senate to address similar issues in insurance regulation.

This summary provides a clear understanding of Bill HB 253, its legislative journey, and its potential implications for the insurance landscape in the state.

Compiled from official sources — confirm details with the bill’s official record.

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