Report Title:
Natural Disasters
Description:
Authorizes Hawaii hurricane relief fund moneys to be used for (1) other natural disasters such as flood, tsunami, and lava flow; and (2) grants to individuals who install wind resistive devices in their residences.
HOUSE OF REPRESENTATIVES |
H.B. NO. |
285 |
TWENTY-FOURTH LEGISLATURE, 2007 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO NATURAL DISASTERS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 431P-16, Hawaii Revised Statutes, is amended by amending subsection (i) to read as follows:
"(i) Moneys in the hurricane reserve
trust fund may be[:
(1) Disbursed] disbursed upon
dissolution of the Hawaii hurricane relief fund; provided that:
[(A)] (1) The net moneys in the
hurricane reserve trust fund shall revert to the state general fund after
payments by the fund on behalf of licensed property and casualty insurers or
the State that are required to be made pursuant to any federal disaster
insurance program enacted to provide insurance or reinsurance for hurricane
risks are completed; and
[(B)] (2) If such moneys are paid
on behalf of licensed property and casualty insurers, payment shall be made in
proportion to the premiums from policies of hurricane property insurance
serviced by the insurers in the twelve months prior to dissolution of the fund;
[or
(2) Deposited] provided that moneys
shall be disbursed to the loss mitigation grant fund established under
section 431:22‑102[;] for homeowners who install wind resistive
devices in their residences; and
(3) Made available for disaster relief under chapter 127 or 128 or any other provision providing such relief;
provided that all interest earned from the principal in the hurricane reserve trust fund shall be transferred and deposited into the general fund each year that the hurricane reserve trust fund remains in existence."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
INTRODUCED BY: |
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