HI HR154

Request the Governor 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 in the tens of billions of dollars from a severe hurricane.

Risk transfer options could increase capitalization of the Fund's reserve without creating long-term debt liabilities for the state, unlike traditional debt financing.

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

Transmit certified copies of the resolution to the Governor, Hawaii Hurricane Relief Fund Board Chair, Insurance Commissioner, and State Sustainability Coordinator.