Report Title:

Underinsured motorist coverage subrogation

 

Description:

Allows underinsured motorist insurers to assert a subrogation right against third-party tortfeasors.

 

HOUSE OF REPRESENTATIVES

H.B. NO.

855

TWENTY-FIRST LEGISLATURE, 2001

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to insurance.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Chapter 431, Hawaii Revised Statutes, is amended by adding a new section to article 10C to be appropriately designated and to read as follows:

"§431:10C Underinsured motorist coverage subrogation. An insurer providing underinsured motorist coverage may assert a subrogation right against a third-party tortfeasor; provided that the insurer extends additional underinsured motorist coverage in an amount equal to the liability policy limits of the third-party tortfeasor. Any failure to comply with the provisions of this section shall preclude the assertion of a subrogation right for underinsured motorist coverage."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:

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