STAND. COM. REP. NO. 57
RE: H.B. No. 714
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirtieth State Legislature
Regular Session of 2019
State of Hawaii
Your Committee on Public Safety, Veterans, & Military Affairs, to which was referred H.B. No. 714 entitled:
"A BILL FOR AN ACT RELATING TO NATURAL DISASTER PROTECTION,"
begs leave to report as follows:
The purpose of this measure is to establish a three-year parametric disaster insurance pilot program within the Department of Accounting and General Services to be funded by the interest from the Hurricane Reserve Trust Fund.
O‘ahu County Committee on Legislative Priorities of the Democratic Party of Hawai‘i and Ala Wai Watershed Collaboration testified in support of this measure. The Department of Accounting and General Services, Department of Budget and Finance, and The Nature Conservancy provided comments.
Your Committee has amended this measure by:
(1) Deleting language establishing the parametric disaster insurance pilot program and special fund;
(2) Requiring the Social Science Research Institute at the University of Hawaii at Manoa to conduct a study to determine whether the use of parametric disaster insurance policies for the State is feasible, practical, affordable, and in the public interest;
(3) Requiring the Institute to submit its study and a report to the Legislature before the Regular Session of 2021;
(4) Appropriating an unspecified amount to conduct the study;
(5) Changing its effective date to January 1, 2050, to promote further discussion; and
(6) Making technical, nonsubstantive amendments for clarity, consistency, and style.
As affirmed by the record of votes of the members of your Committee on Public Safety, Veterans, & Military Affairs that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 714, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 714, H.D. 1, and be referred to your Committee on Consumer Protection & Commerce.
Respectfully submitted on behalf of the members of the Committee on Public Safety, Veterans, & Military Affairs,
GREGG TAKAYAMA, Chair