HI HB791

Establishes a 3-year parametric disaster insurance pilot program within the Department of Accounting and General Services administered by the risk management office.

Creates a parametric disaster insurance special fund to be funded by interest earned from the hurricane reserve trust fund, payouts from parametric insurance policies, and legislative appropriations.

Authorizes the risk management office to explore and purchase parametric disaster insurance policies for the State in collaboration with the University of Hawaii at Manoa's social science research institute.

Redirects annual interest earned from the hurricane reserve trust fund to the new parametric disaster insurance special fund instead of the general fund.

Requires a report to the legislature by December 1, 2019 describing the pilot program's actions, effects, findings, and recommendations, with the program set to expire June 30, 2020.