HI HB791

Establishes a three-year parametric disaster insurance pilot program administered by the risk management office within the Department of Accounting and General Services in collaboration with the University of Hawaii at Manoa's social science research institute.

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

Authorizes the risk management office to explore and purchase parametric disaster insurance policies that trigger payouts based on disaster characteristics (such as hurricane wind speeds) rather than actual losses incurred, enabling faster claim settlement.

Requires the department to submit a report to the legislature by December 1, 2019 describing the pilot program's actions, effects, findings, and recommendations.

Repeals the act on June 30, 2020 with provisions to reinstate the hurricane reserve trust fund statute to its prior form.