SENATE COMMERCE AND CONSUMER PROTECTION CHAIR JARRETT KEOHOKALOLE ANNOUNCES COMMITTEE PASSAGE OF SB3000 RELATING TO INSURANCE

HONOLULU, HAWAIʻI -- Senate Commerce and Consumer Protection Chair Jarrett Keohokalole (District 24 – Kāneʻohe, Kailua) announced today that Senate Bill 3000 passed out of the Senate Commerce and Consumer Protection following the postponement of Monday’s hearing. The measure addresses insurance market stability in the face of climate-related impacts and establishes consumer protections in Hawaiʻi.

SB3000 addresses this growing instability of Hawaiʻi’s property and casualty insurance market driven by increasingly severe climate disasters like the 2023 Lahaina Wildfires. It recognizes the sharp rise in insurance nonrenewals and premiums statewide and aims to hold corporations that knowingly contributed to climate change accountable for the increasing costs to consumers.

The bill authorizes the Attorney General, as well as certain state-backed and private insurers, to bring civil actions against responsible parties to recover costs and losses attributable to climate-related harm. The intent is to protect insurance market stability, preserve access to affordable coverage, and ensure that the financial burden of climate disasters is not borne solely by residents, policyholders, or taxpayers.

“Without a doubt, the increasing incidence of really devastating natural disaster events is what’s driving the insurance crisis. Whose fault is that? We know.” Keohokalole said. “Residents shouldn’t have to pay for the risk mitigation of private entities, full stop. It’s time for a comeuppance.”

Chair Keohokalole emphasized the importance of thoughtful policymaking in areas that directly affect consumers and the broader public interest, noting that the measure reflects the Legislature’s responsibility to respond to evolving industries while prioritizing the well-being of Hawaiʻi’s communities.