HI SR124

Urges the Department of Land and Natural Resources to examine and consider reef insurance as a nature-based solution 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 relevant agencies to develop a report including: term sheets for a Hawaii reef insurance policy, priority insurance sites, potential buyers and sellers, and recommended funding mechanisms for premiums.

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

Directs DLNR to submit findings, recommendations, and any proposed legislation to the Legislature no later than twenty days before the 2022 Regular Session convenes.

References Mexico's successful 2019 reef insurance model that paid out $850,000 in 2020 following Hurricane Delta, and The Nature Conservancy's 2020 feasibility assessment confirming reef insurance is ecologically and economically viable for Hawaii.