Hawai‘i's new insurance commissioner is a name you probably know if you're familiar with state government.
Scott Saiki — a former state representative who held his seat for more than three decades and served as majority leader and speaker of the House from 2017 to 2024 — has been tapped for the role effective July 16, the state Department of Commerce and Consumer Affairs announced Wednesday.
In it, he'll oversee the state's insurance industry, which includes companies, insurance agents, self-insurers and captives, an announcement from DCCA noted.
“Insurance impacts every person and organization across Hawai‘i, whether through natural disasters, property, healthcare or transportation," Saiki said in the announcement. "Residents deserve an insurance framework that will protect their lives and livelihoods I look forward to building on the work of the Insurance Division to make insurance coverage accessible, responsive and resilient.”
According to DCCA, Saiki joined the Hawai‘i Insurance Division last December and has been acting chief deputy insurance commissioner since February. During his tenure as House speaker, he co-chaired Gov. Josh Green's Executive and Legislative Condo and Property Insurance Task Force and chaired the House Select Committee on Covid-19 Economic and Financial Preparedness.
In an emailed response to questions, Saiki told Aloha State Daily that his first priority in his new role is to "continue the implementation of the Hawai‘i Hurricane Relief Fund."
Hawai‘i's property insurance market in particular has been volatile in recent years, facing "unprecedented rate increases due to a hardening global insurance industry and increasing catastrophic events around the world," DCCA noted.
On July 7, Green signed into law legislation that aims to help stabilize the market.
The legislation, in part, reactivated the Hawai‘i Hurricane Relief Fund — initially formed in 1993 after Hurricane Iniki devastated parts of the state in September 1992 — to "provide insurance coverage in scenarios where the private market fails to do so," a recent announcement from the Governor's Office noted.
"The Legislature prioritized Senate Bill 1044, signed into law as Act 296, to add property insurance capacity in Hawai‘i through the HHRF," Saiki explained. "The HHRF is now authorized to provide hurricane coverage to eligible condominium associations. We saw in the past couple of years that some condominiums were not fully insured which restricted mortgage financing and refinancing in those buildings. The HHRF was a possible solution to this growing crisis."
Since the fund went live on June 24, Saiki said it has received more than 100 applications and bound 15 policies.
"We are already seeing the HHRF helping to stabilize the insurance market and, through its presence, bring some rate relief to consumers."
Act 296 also "enhances the power" of the Hawai‘i Property Insurance Association to offer more coverage options, establishes the Condominium Loan Program to help buildings remain insurable and requires the state's insurance commissioner to conduct a study aimed at developing "sustainable strategies for market stabilization," the Governor's Office said earlier this month.
Saiki said he hopes to have a draft report in December.
"We anticipate it will focus on how to increase insurance capacity and mitigate risk caused by natural disasters, insufficient construction standards and other factors."
According to DCCA, applications are now being accepted by the HHRF for condominium and townhouse associations of apartment owners, or AOAOs, looking to obtain hurricane commercial property insurance coverage.
More information about the Hawaiʻi Hurricane Relief Fund can be found here.
Saiki is a graduate of Hawai‘i Baptist Academy and received a degree in political science from the University of Hawai‘i at Mānoa and a law degree from the William S. Richardson School of Law.
He assumes the role from acting Insurance Commissioner Jerry Bump, who will return to his role as chief deputy insurance commissioner.
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Stephanie Salmons can be reached at stephanie@alohastatedaily.com.
