Bill Text: HI HR57 | 2024 | Regular Session | Amended
Bill Title: Requesting The Insurance Commissioner To Coordinate And Develop A Wildfire Insurance Compact.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-04-02 - The committee(s) on CPC recommend(s) that the measure be deferred. [HR57 Detail]
Download: Hawaii-2024-HR57-Amended.html
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HOUSE OF REPRESENTATIVES |
H.R. NO. |
57 |
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THIRTY-SECOND LEGISLATURE, 2024 |
H.D. 1 |
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STATE OF HAWAII |
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HOUSE RESOLUTION
REQUESTING THE INSURANCE COMMISSIONER TO COORDINATE AND DEVELOP A WILDFIRE INSURANCE COMPACT.
WHEREAS, the State is facing the increasing challenge of wildfires, which has been exacerbated by climate change that is responsible for more intense and more frequent extreme events such as wildfires, storms, droughts, and floods; and
WHEREAS, wildfires pose significant risks to the health, safety, and welfare of the State's residents, visitors, and businesses; and
WHEREAS, on August 8, 2023, swift-moving wildfires fueled by dry grass and spread by strong winds from a passing hurricane wiped out almost the entire town of Lahaina in west Maui, in the nation's deadliest wildfire in more than a century; and
WHEREAS, at least one hundred one individuals lost their lives in the fire, over two thousand two hundred buildings were destroyed, and another five hundred were damaged, resulting in property losses in the billions; and
WHEREAS, the impacts from the Lahaina wildfires were devasting to the west Maui community, with impacts felt throughout the entire State; and
WHEREAS, the recovery is expected to be long and arduous; and
WHEREAS, the aftermath of the deadly Lahaina wildfires poses a significant strain on local insurance companies and communities; and
WHEREAS, there are concerns that the wildfires could trigger insurance companies to reevaluate the risks associated with offering coverage to homeowners in Hawaii, which has long been considered a relatively stable market compared to other states; and
WHEREAS, the increased risk of wildfires and the resulting challenges for insurance companies means the State should explore a coordinated approach to mitigate and manage these risks; now, therefore,
BE IT RESOLVED by the House of Representatives of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2024, that the Insurance Commissioner is requested to coordinate and develop a Wildfire Insurance Compact with strategic partner states that have similar wildfire risks or robust disaster management systems; and
BE IT FURTHER RESOLVED that the Insurance Commissioner is requested to propose any necessary legislation that can assist in the funding of policies and programs available through the Wildfire Insurance Compact through taxes or surcharges on existing taxes; and
BE IT FURTHER RESOLVED that the Insurance Commissioner is requested to ensure that the policies and programs offered by the Wildfire Insurance Compact directly benefit vulnerable populations and communities; and
BE IT FURTHER RESOLVED that a certified copy of this Resolution be transmitted to the Insurance Commissioner.
Insurance Commissioner; Wildfire Insurance Compact; Insurance
