HI HB20

Establishes a Lava Zone Insurance Fund in Chapter 431, Hawaii Revised Statutes to subsidize insurance premiums for homeowners in lava zones 1 and 2 on the island of Hawaii.

Fund sources include legislative appropriations, gifts and donations, fees collected by the department, and civil and criminal penalties related to insurance regulations.

Subsidies are limited to low-income homeowners (as defined by the U.S. Department of Housing and Urban Development) who own their primary residence, not investment properties.

Administrative and operational costs may not exceed a specified percentage of fund moneys, and individual homeowner subsidies are capped at a specified dollar amount for a specified number of years.

Appropriates unspecified sums from the general fund to the lava zone insurance fund for fiscal years 2025-2026 and 2026-2027, with expended funds managed by the Department of Commerce and Consumer Affairs.