HONOLULU — In a Friday press release, the state’s Department of Commerce and Consumer Affairs said that DTRIC Insurance Company, Limited, has announced its intent to transition to a run-off insurance carrier in Hawaii.
This means that DTRIC will no longer issue new policies or renew existing ones.
However, DTRIC will continue to administer all active policies, manage claims, and meet its contractual and statutory obligations over the next several years.
“Consumers have ample time to find a replacement carrier,” said Insurance Commissioner Scott Saiki in the release. “We advise them to ask family, friends, and co-workers for referrals, as well as ensuring they understand their new policy and payment plans before signing anything. Lastly, they should verify that they are working with an authorized and licensed insurance broker.”
The Hawaii Insurance Division encourages affected policyholders to contact their agents to identify coverage options.
Motor vehicle and homeowners insurance guides and premium comparison sheets are available online at cca.hawaii.gov/ins/resources. Consumers can utilize these informational guides to review and compare sample premiums from insurance companies licensed in Hawaii.
If homeowners are unable to obtain homeowners or dwelling fire coverage from a private insurance company, they may qualify for coverage from the Hawaii Property Insurance Association — hpiainfo.com.
Hawaii Insurance Division staff are available to assist the public with questions by phone at 808-586-2790 or email at insurance@dcca.hawaii.gov.
The Hawaii Insurance Division regulates the Hawaii insurance industry, issues licenses, examines the fiscal condition of Hawaii-based companies, reviews rate and policy filings, and investigates insurance-related complaints.
Source: The Garden Island
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