HI HB515

Authorizes the Hawaii hurricane relief fund to transfer moneys from the hurricane reserve trust fund to the Hawaii insurance guaranty association to pay covered claims against an insolvent insurer when the insolvency was caused by a hurricane and the fund has no hurricane insurance policy in force.

Allows the Hawaii insurance guaranty association to use transferred moneys from the hurricane reserve trust fund, in addition to assessments and other revenues, to pay its obligations for covered claims.

Permits the hurricane reserve trust fund to be used for transfers to the Hawaii insurance guaranty association under the specified conditions, in addition to existing uses for fund dissolution and loss mitigation grants.

Provides immunity from liability for the State, Hawaii hurricane relief fund, commissioner, and their agents and employees regarding transfers from the hurricane reserve trust fund to the Hawaii insurance guaranty association.

Effective date: July 1, 2009.