Bill Text: HI SR79 | 2024 | Regular Session | Amended
Bill Title: Requesting The Insurance Commissioner To Research And Convene Stakeholder Discussions To Consider The Concept Of A Wildfire Insurance Compact.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2024-04-04 - Report and Resolution Adopted as amended (SD1). Aye(s) with reservations: none. Noes, 1 (Senator(s) Awa). [SR79 Detail]
Download: Hawaii-2024-SR79-Amended.html
|
THE SENATE |
S.R. NO. |
79 |
|
THIRTY-SECOND LEGISLATURE, 2024 |
S.D. 1 |
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
SENATE RESOLUTION
REQUESTING THE INSURANCE COMMISSIONER TO RESEARCH AND CONVENE STAKEHOLDER DISCUSSIONS TO CONSIDER THE CONCEPT OF 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 fifteen people lost their life in the fire, over two thousand two hundred buildings were destroyed and another five hundred damaged, resulting in property losses in the billions of dollars; and
WHEREAS, the impacts from the August 2023 Maui wildfire were devastating to the west Maui community and have been felt throughout the entire State; and
WHEREAS, the recovery is expected to be long and arduous; and
WHEREAS, the aftermath of the deadly August 2023 Maui wildfire 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 Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2024, that the Insurance Commissioner is requested to research and convene stakeholder discussions to consider the concept of 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 research and discussions are requested to consider a Wildfire Insurance Compact that focuses primarily on risk pooling and informational technology sharing to mitigate and share the risks and costs associated with wildfires; and
BE IT FURTHER RESOLVED that the Insurance Commissioner is requested to research and discuss with stakeholders any necessary legislation that can assist in the funding of policies and programs available through a Wildfire Insurance Compact through taxes or surcharges on existing taxes; and
BE IT FURTHER RESOLVED that the Insurance Commissioner is requested to research and discuss with stakeholders policies and programs offered by a Wildfire Insurance Compact that would 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
