Hawaiian Insurance Commissioner calls for home insurers to submit new, reduced rates

A recent inquiry into the rates of homeowner’s insurance in Hawaii has led the state’s Insurance Commissioner, Gordon I. Ito, to call for drastic actions. The state’s Insurance Department ruled that the current rates for homeowner’s insurance are far too excessive. The department used data supplied by the National Association of Insurance Commissioners to form a benchmark against which Hawaii’s rates were tested. Now, Ito is calling for insurers to submit new rate filings for review. Ito first issued a memorandum for insurers to send their justifications for their rate…

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