STAND. COM. REP. NO. 773

Honolulu, Hawaii

, 2005

RE: S.B. No. 1129

S.D. 2

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 1129, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO INSURANCE,"

begs leave to report as follows:

The purpose of this measure is to modify conditions for grants given to homeowners by the Insurance Commissioner for the installation of wind resistive devices.

Specifically, this measure eliminates inspection expenses as a reimbursable cost and lowers the amount of the grant award from fifty per cent to thirty-five per cent of costs.

Furthermore, this measure appropriates general funds for the loss mitigation grant program.

Your Committee finds that this measure will enable more homeowners to receive benefits from the loss mitigation grant program, enable more homeowners to protect their homes from destructive hurricane force winds, and thereby reduce the number of homeowners that must seek refuge in the limited number of public shelters.

Your Committee has amended this measure by amending the definition of wind resistive devices to include safe rooms. Furthermore, your Committee has amended this measure by replacing the appropriation of general funds with a transfer of trust funds from the hurricane reserve trust fund to the loss mitigation grant fund and an appropriation of special funds from the loss mitigation grant fund for the program.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1129, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1129, S.D. 2.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

BRIAN T. TANIGUCHI, Chair