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SR 125

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

SR 125 requests Hawaiʻi's Insurance Commissioner to report on the private property insurance market, addressing challenges and recommending improvements for policyholders.

Report and Resolution Adopted.
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Bill Summary · SR 125

Summary of SR 125: Requesting a Report on the Private Property Insurance Industry in Hawaiʻi

Bill Overview

Bill Number: SR 125
Title: Requesting the Insurance Commissioner to Produce a Detailed Report Regarding the State of the Private Property Insurance Industry in Hawaiʻi
Status: Report and Resolution Adopted
Introduced: March 07, 2025
Classification: Resolution
Subject: DCCA, Insurance Commissioner, Private Property Insurance, report

Purpose and Intent

The primary purpose of SR 125 is to request the Insurance Commissioner of Hawaiʻi to compile and present a comprehensive report on the current state of the private property insurance industry within the state. This resolution aims to provide lawmakers and stakeholders with critical insights into the challenges, trends, and overall health of the insurance market, particularly as it pertains to private property coverage.

Key Provisions

  • Report Requirement: The Insurance Commissioner is tasked with producing a detailed report that includes:
    • An analysis of the current market conditions for private property insurance in Hawaiʻi.
    • Identification of any significant issues affecting the availability and affordability of insurance coverage.
    • Recommendations for potential legislative or regulatory actions to improve the situation.

Affected Parties

The resolution primarily affects:
- Insurance Policyholders: Homeowners and property owners in Hawaiʻi who rely on private property insurance for financial protection.
- Insurance Companies: Entities operating within the private property insurance market that may be impacted by regulatory changes or market conditions.
- Legislators and Policymakers: Individuals who will utilize the report's findings to inform future legislative actions and policy decisions regarding insurance regulations.

Legislative Process and Timeline

  • March 07, 2025: SR 125 was introduced.
  • March 12, 2025: The resolution was referred to the Committee on Commerce and Consumer Protection (CPN).
  • March 28, 2025: The resolution was added to the public hearing agenda scheduled for April 1, 2025.
  • April 01, 2025: The CPN committee recommended that the measure be passed without amendments, with unanimous support from committee members.
  • April 03, 2025: The report and resolution were officially adopted.

Related Legislation

  • SCR 155: A companion resolution that may address similar issues or provide additional context regarding the private property insurance industry in Hawaiʻi.

Conclusion

SR 125 serves as a crucial step in understanding and addressing the dynamics of the private property insurance market in Hawaiʻi. By mandating a detailed report from the Insurance Commissioner, the resolution aims to equip stakeholders with the necessary information to tackle existing challenges and enhance the insurance landscape for property owners in the state.

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

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