HI HB714

Requires the Social Science Research Institute at the University of Hawaii at Manoa to conduct a feasibility study on parametric disaster insurance policies for the State of Hawaii.

Study must evaluate whether parametric insurance is feasible, practical, affordable, and in the public interest, including types of policies available, costs, and other relevant information.

Parametric insurance settles claims based on disaster characteristics (such as hurricane wind speed) rather than actual losses and allows for rapid payouts within 10-21 days without lengthy loss adjustment processes.

Institute must submit findings, recommendations, and proposed legislation to the legislature no later than 20 days before the convening of the regular 2021 legislative session.

Appropriates general revenue funds to the University of Hawaii for fiscal years 2019-2020 and 2020-2021 to conduct the feasibility study (specific dollar amount left blank in bill).