Hearing re AIPSO Filing No. HI 25-08

Date:

Thursday, 05/08/2025

Start Time:

09:00 AM

Place:

Princess Likelike Conference Room, 3rd Floor, King Kalakaua Building, DCCA, 335 Merchant Street, Honolulu, HI 96813

Agenda

NOTICE OF HEARING

 

            Pursuant to Hawaii Revised Statutes (“HRS”) section 431:10C-410 and section 91-9.5, notice is hereby given that the Insurance Division (“Division”) will hold a public hearing on May 8, 2025 at 9:00 A.M. in the Princess Likelike Conference Room, 3rd Floor, King Kalakaua Building, Department of Commerce and Consumer Affairs, 335 Merchant Street, Honolulu, Hawaii 96813, to hear all persons interested in AIPSO Filing No. HI 25-08 which was submitted by AIPSO to the Division on behalf of the Hawai‘i Joint Underwriting Plan (“HJUP”).

            The purpose of the filing is to reflect the changes necessary for the completion of a 10-year all sublines financial indication based upon the policy years 2013 through 2022 evaluated as of 11/30/2023 experience for commercial risks insured through the Hawaii Joint Underwriting Plan.  The following has been proposed: 

a.       To address the +13.8% rate need, the proposal is to adopt the prospective loss costs specified in HIB Reference Filing Numbers CA-2021-BRLA1.  The JUP rates will be a combination of prospective loss costs and involuntary loss cost multipliers, which reproduce the +13.8% indicated rate need. 

b.      To address the amendment to HRS § 431:10C-301 in S.B. 2342, the proposal is to  require that policies issued or renewed on or after January 1, 2026 provide minimum limits of liability coverage of $40,000 for bodily injury to or death of one person, $80,000 for bodily injury to or death of two or more persons arising out of the use of a motor vehicle in any once accident, and $20,000 because of liability for injury to or destruction of property to others.  These new limits and revised rates are currently pending with the Insurance Division under AIPSO Filing No. HI 25-03.  This filing will reflect those rates and limits. 

c.       To collapse the HJUP physical damage rates so that all base rates and factors needed to produce physical damage rates will be provided in tables instead of rate pages.   

Company:  AIPSO    

State:  Hawaii

Project Number:  HI 25-08

Project Name:  Hawaii Commercial Auto Filing

            Effective Date: January 1, 2026

            SERFF Tracking No.: APST-134412578

 

            All interested persons shall be afforded the opportunity to submit data, views, or arguments, orally or in writing, to the Insurance Division at the time of hearing.  All written and oral submissions regarding the proposed filing shall be fully considered.  All persons wishing to submit written testimony are requested to submit, by May 1, 2025, a hard copy to the Insurance Division at the address noted below, or an electronic copy via email to: insrpa@dcca.hawaii.gov.

            The full text of the proposed filing is available for review and can be downloaded free of charge from the Insurance Division’s website: https://cca.hawaii.gov/ins/insurers/rate_policy/hearing/.  In addition, the proposed filing may be reviewed in person free of charge at the Insurance Division at the address and hours of operation noted below.

            Also, a copy of the proposed filing will be mailed to any interested person who requests a copy and pays the Insurance Division’s required fee of $37.11 for the copy and postage.  Please submit your request and payment to the Insurance Division at the address noted below or contact the Division’s Office Services Branch via telephone at (808) 586-2790.

            A copy of the proposed filing may be obtained for a $32.50 charge before the date of the hearing between 7:45 a.m. and 4:30 p.m., Monday through Friday, excluding holidays, at the following address:  Department of Commerce and Consumer Affairs, Insurance Division, 335 Merchant Street, Room 213, Honolulu, Hawaii 96813.  The $32.50 charge will be due and payable at the time of picking up the proposed filing.

            Individuals who require special needs accommodations are invited to call Adam Rosenberg at (808) 586-2790 at least seven (7) working days prior to the hearing.  The Insurance Division intends to make its decision on the proposed filing at the time of the hearing.  However, in the event the Insurance Division decides to take the decision on the proposed AIPSO filing under advisement, it will announce the date when it intends to make its decision.