HI SCR159

Urges the Department of Land and Natural Resources to examine and consider purchasing reef insurance to protect Hawaii's coastlines and coastal infrastructure from natural disasters.

Requests DLNR to collaborate with the State Insurance Commissioner, The Nature Conservancy, and other agencies to develop a report including term sheets for a Hawaii reef insurance policy, priority sites for insurance, possible buyers and sellers, and recommended funding mechanisms.

Directs DLNR to identify and propose specific nature-based projects that protect coastal infrastructure from inundation, including insurance and market mechanisms to incentivize investment in reef and coastal system protection and restoration.

Requires DLNR to submit findings, recommendations, and any proposed legislation to the Legislature no later than twenty days before the 2023 Regular Session convenes.

References Mexico's 2019 reef insurance policy that paid $850,000 for reef repairs after Hurricane Delta and The Nature Conservancy's 2020 feasibility assessment finding reef insurance is ecologically and economically viable for Hawaii.