Title 24, Insurance

PART I. GENERAL PROVISIONS §431P-1 Definitions. As used in this chapter, unless the context otherwise requires: "Board" means the board of directors of the Hawaii hurricane relief fund. "Commissioner" means the insurance commissioner as defined in section 431:2-102. "Companion po…

§431P-10 Coverage available from the fund; deductible. Coverage limits and deductibles for policies issued by the fund covering eligible property shall be established in the plan of operation, subject to approval by the commissioner. [L 1993, c 339, pt of §2; am L Sp 1995, c 17, …

§431P-11 Underlying policy required; hurricane coverage shall be provided. (a) Any eligible property for which coverage is sought from the fund shall already be insured by an underlying policy of property insurance as defined in section 431:1-206 or article 21 of chapter 431 but …

[§431P-12] Mitigation. The fund shall develop a comprehensive loss reduction plan for the hurricane peril. The plan shall include standards for new residential and commercial structures and separate standards for existing residential and commercial structures. The plan shall prov…

[§431P-13] Appeals. (a) Any applicant or policyholder adversely affected by a decision of the fund shall have the right to appeal to the fund's board within thirty days after the decision. The application for an appeal shall specify how the person making the appeal was aggrieved …

§431P-14 Immunity and limitation on liability. There shall be no liability on the part of, and no cause of action of any nature shall arise against, any servicing facility or its authorized insurance producers; the fund or its agents, employees, or board; the State; the commissio…

[§431P-15] Exemption from property and liability insurance guaranty association; insolvency of fund. Notwithstanding any other provision of law to the contrary, neither the fund nor its policyholders shall be subject to the provisions of, or be eligible for, the benefits provided…

§431P-16 Establishment of trust funds. (a) The fund shall establish outside the state treasury a hurricane reserve trust fund and any accounts thereunder and any other trust fund or account necessary to carry out the purposes of this chapter. Moneys deposited in the hurricane res…

§431P-16.5 Immunity. There shall be no cause of action, claim for damages or relief, charge, or any other liability of any kind whatsoever created against the State, the Hawaii hurricane relief fund, the commissioner, or their respective agents, employees, or board, by, or relati…

[§431P-18] Exemption for Hawaiian home lands. Nothing in this chapter shall prohibit or limit any person from obtaining insurance for property subject to the Hawaiian Homes Commission Act of 1920, as amended, from any insurer other than the fund if such insurance is deemed suffic…

[§431P-19] Recoupment of assessments paid. (a) Subject to the approval of the commissioner, each licensed property and casualty insurer shall annually recoup assessments paid by the licensed property and casualty insurer under sections 431P-5(b)(8)(A) and (B) and 431P-16(d). The …

§431P-2 Establishment of Hawaii hurricane relief fund. There shall be a Hawaii hurricane relief fund to be placed within the department of commerce and consumer affairs for administrative purposes. The fund shall be a public body and a body corporate and politic. Any applicant fo…

[§431P-20] Temporary recording fee; establishment, reduction, and cessation by board. (a) Subject to the approval of the commissioner, the board may activate, reduce, or terminate the collection of a temporary recording fee as provided in this section. (b) The temporary recording…

§431P-3 Board of directors. (a) The board of directors of the fund shall consist of the insurance commissioner as an ex officio voting member and six members appointed by the governor in accordance with section 26-34. The board shall be the policy making body of the fund. As such…

[§431P-4] Planning and assessment functions of the fund; discretion to provide insurance. (a) The fund shall be responsible for monitoring the availability of property insurance, including insurance for covered events, in this State. If at any time the board determines, in its so…

§431P-5 Powers, duties, and functions. (a) The Hawaii hurricane relief fund shall have the following general powers: (b) In addition to the general powers under subsection (a), the fund shall have the specific power to:

§431P-5.5 Accumulation of $500,000,000 in funds and commitments. (a) Upon written confirmation from the commissioner that the director has secured $500,000,000, in the aggregate, in the form of: the Hawaii hurricane relief fund shall control or freeze rates and continue accumulat…

[§431P-6] Advisory committee. To assist it in implementing this chapter the fund may appoint an advisory committee consisting of: The fund may establish additional advisory committees as it may deem necessary in furtherance of this chapter. [L 1993, c 339, pt of §2]

§431P-7 Plan of operation. (a) The fund shall adopt a plan of operation and a manual of rules and rates necessary or suitable to ensure both the solvency and the reasonable and equitable administration of the fund. The adoption of or amendments to the plan of operation and manual…

[§431P-8] Annual statements. (a) The fund shall submit to the commissioner each year, not later than one hundred twenty days after the end of the fund's fiscal year, a financial report in a form approved by the commissioner. (b) The commissioner may require other reports concerni…

§431P-9 Powers of the commissioner. (a) For the purpose of ascertaining the fund's condition or compliance with this chapter, the commissioner shall examine the accounts, records, documents, and transactions of the fund at least once every three years commencing at the time the f…