Former Hawaiʻi House Speaker Scott Saiki is the new state insurance commissioner.
Gov. Josh Green appointed him to the position on Wednesday. Saiki started at the insurance division of the Department of Commerce and Consumer Affairs last year after losing his House seat to current Rep. Kim Coco Iwamoto.
Former state Insurance Commissioner Gordon Ito retired in February. Chief Deputy Insurance Commissioner Jerry Bump has been filling in as acting commissioner. Bump will return to his regular position in the division.
This comes as the state is starting up several programs to address soaring condominium insurance prices.
As speaker, Saiki served as the co-chair of the governor’s Executive and Legislative Condo and Property Insurance Task Force.
The task force's work led to the passage of a major bill this legislative session that reenacts the Hawaiʻi Hurricane Relief Fund to offer hurricane insurance policies for buildings that have been rejected by traditional insurers in the state.
It started accepting applications from condominium buildings and has already issued at least 10 policies.
The law also allows the Hawaii Property Insurance Authority to receive funding to start offering commercial insurance to buildings that have been unable to secure full coverage. That is slated to start in the fall of this year.
“Insurance impacts every person and organization across Hawai‘i, whether through natural disasters, property, healthcare, or transportation. Residents deserve an insurance framework that will protect their lives and livelihoods,” Saiki said in a statement.
“I look forward to building on the work of the Insurance Division to make insurance coverage accessible, responsive and resilient.”
