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SCR 155

REQUESTING THE INSURANCE COMMISSIONER TO PRODUCE A DETAILED REPORT REGARDING THE STATE OF THE PRIVATE PROPERTY INSURANCE INDUSTRY IN HAWAIʻI.

2025 Regular Session Introduced by Karl Rhoads

Hawaii asks the Insurance Commissioner to report on the private property insurance market, including premium drivers, insurer health, and potential state actions if private carrier

Referred to CPC, referral sheet 28
#dcca #insurancecommissioner #privatepropertyinsurance #report
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Bill Summary · SCR 155

SCR 155 — Summary

A concurrent resolution in the Hawaii Legislature directing the Insurance Commissioner to prepare a detailed report on Hawaii’s private property insurance market, with an emphasis on premium trends, insurer health, and potential state actions if private insurers withdraw.

Overview

  • Bill Type: Concurrent Resolution
  • Bill Number: SCR 155
  • Title: Requesting the Insurance Commissioner to produce a detailed report regarding the state of the private property insurance industry in Hawaiʻi
  • Status: Referred to CPC (House Committee on Commerce and Consumer Protection)
  • Introduced: March 7, 2025
  • Sponsor: Senator RHOADS (primary)
  • Companion Bill: SR 125

Purpose and Intent

SCR 155 asks the Hawaii Insurance Commissioner to produce a comprehensive report on the current state of private property insurance in Hawaiʻi. The resolution stresses concerns about natural disasters driving higher premiums, insurer withdrawals, and the potential impact on homeowners, lending, and the housing market. It also explores the Legislature’s ability to respond if private insurers exit the market, including the possibility of the state entering as a primary insurer and, if necessary, using tools such as eminent domain to acquire private insurers.

Key Provisions and Requests for the Report

The Insurance Commissioner is requested to include in the report:

  • Market Analysis: Current state of private property insurers operating in Hawaiʻi, with specific findings on factors driving premium increases, including high-risk areas affected by wildfires, hurricanes, and volcanic eruptions.
  • Regulatory and Cost Considerations: Potential costs and regulatory implications if Hawaiʻi created a publicly administered property insurance program.
  • Industry Data: Information on the number of private property insurers in the state, along with insurers’ revenues, profits and losses, valuations, communications to shareholders, and any other data informing the economic health of the private property insurance industry.
  • Risk of Market Exit: Assessment of the likelihood that one or more private insurers will cease operations in Hawaiʻi and the risk of the state being left with no private insurers.
  • Public-Provider Scenarios: Recommendations on the state’s ability to enter the market as a primary property insurer if withdrawals occur, including an evaluation of employing eminent domain to seize private property insurance companies if necessary.
  • Delivery Deadline: The report must be submitted to the Legislature no later than 20 days prior to the convening of the Regular Session of 2026.
  • Transmission: A certified copy of SCR 155 transmitted to the Insurance Commissioner.

Scope and Data Included

  • The report should address anticipated impacts on homeowners, access to insurance, and broader housing and lending environments.
  • Analysis targets both the drivers of premium volatility and the viability of continuing private market participation in Hawaiʻi.

Affected Parties

  • Primary: Private property insurance companies operating in Hawaiʻi
  • Stakeholders: Homeowners and renters, real estate markets, lenders, taxpayers (in any “public option” scenarios), and state regulators.
  • Public Policy Consideration: The potential role of government in providing or facilitating property insurance coverage.

Procedural and Timeline Details

  • Introduced: March 7, 2025
  • Committee Path (House): Referred to CPC; previously considered by the Senate’s CPN committee with favorable recommendation.
  • Delivery Deadline: The 2026 report due date is 20 days before the start of the Regular Session 2026.
  • Transmission: Certified copy to the Insurance Commissioner.

Implications

SCR 155 is a data-gathering and policy-planning step. It does not enact new requirements on insurers but seeks a detailed, public-facing assessment that could inform future legislative decisions about state involvement in the property insurance market, including the feasibility and consequences of establishing a state-administered program or using extraordinary measures to acquire private insurers if necessary.

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

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