H.B. 2047 Summary

• Establishes a dedicated lava zone insurance fund to subsidize homeowners' property insurance premiums for properties located in lava zones 1 and 2 on the island of Hawaii.

• Fund receives deposits from legislative appropriations, gifts and donations, department fees, and civil or criminal penalties collected under insurance law.

• Subsidies available only to homeowners who do not own investment properties and have household incomes at low-income levels as determined by the U.S. Department of Housing and Urban Development.

• Administrative and operational costs limited to no more than a specified percentage of fund moneys; individual subsidy amounts and duration to be determined.

• Appropriates unspecified amounts from the general fund for fiscal year 2024-2025 to establish and fund the program, with an acknowledgment that appropriations will exceed the state general fund expenditure ceiling.