HI HCR221

Governor is requested to convene a working group including the State Sustainability Coordinator and Hawaii Hurricane Relief Fund representatives to explore risk transfer opportunities for severe disasters.

Hawaii Hurricane Relief Fund holds approximately $183,000,000 in reserves but stopped writing hurricane insurance in 2002 and faces potential losses exceeding its funding capacity if a severe hurricane occurs.

Working group should explore risk transfer options, such as reinsurance, that could increase available funds without creating long-term debt liabilities for the state or fund.

Governor must submit findings, recommendations, and any proposed legislation to the Legislature no later than twenty days before the 2016 Regular Session convenes.

Certified copies must be transmitted to the Governor, Hawaii Hurricane Relief Fund Board Chairperson, Insurance Commissioner, and State Sustainability Coordinator.