Trade group says new laws will drive up insurance costs
Three bills approved by the Legislature are likely to drive up the costs for insurance coverage for Hawaii consumers and businesses, according to the Property Casualty Insurers Association of America.
The trade group said one of the bills, SB 2159, raises the fee from $7 to $20 for insurers to obtain a driving record copy. HB 1985 doubles more than 30 other fees that are paid by insurance companies, agents, brokers, adjusters and other insurance entities, according too PCI. And HB 2600 requires insurance companies to put systems in place to pay premium taxes monthly rather quarterly, which has been the long standing practice, according to the association. The three new laws go into effect July 1, 2010.
"Hawaii is facing difficult state budget problems, and we realize that the Legislature had to take action to address the state's fiscal woes," PCI Vice President Sam Sorich said.
" However, PCI believes that some actions taken by the Legislature will drive up the costs for insurance coverages that Hawaii families and businesses need."