SB 304 Summary

• Requires all interest earned on the Hawaii hurricane reserve trust fund balance to be retained in the trust fund rather than transferred to the general fund.

• Directs the Hawaii hurricane relief fund board of directors to study the feasibility of acquiring catastrophic hurricane loss financing, with premiums paid from all or part of the annual interest earned on the trust fund.

• Requires the board to study alternative coverage scenarios, limits, and payout mechanisms, including depositing insurance payouts into the major disaster fund for immediate expenditure during emergencies.

• Mandates the board submit findings, recommendations, and proposed legislation to the legislature and governor at least 20 days before the 2018 regular session convenes.

• Appropriates $50,000 from the Hawaii hurricane reserve trust fund for fiscal year 2017-2018 to conduct the required study.