REPORT TITLE:
Hurricane relief fund.


DESCRIPTION:
Creates new fund for moneys from hurricane relief fund.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        
THE SENATE                              S.B. NO.           1507
TWENTIETH LEGISLATURE, 1999                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO THE HURRICANE RELIEF FUND.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 1      SECTION 1.  Subsection (i) of 431P-16, Hawaii Revised
 
 2 Statutes, is amended to read as follows:
 
 3      "Soley upon dissolution of the Hawaii hurricane relief fund,
 
 4 the net moneys in the hurricane reserve trust fund shall revert
 
 5 to a special reserve trust fund to be named the "Natural Disaster
 
 6 Relief Fund".  Moneys from this fund shall be expended on behalf
 
 7 of the general populace when a disaster is declared by the
 
 8 Governor.  [the state general fund, after any payments by the
 
 9 fund on behalf of licensed property and casualty insurers or the
 
10 State that are required to be made pursuant to any federal
 
11 disaster insurance program enacted to provide insurance or
 
12 reinsurance for hurricane risks.  In the event such moneys are
 
13 paid on behalf of licensed property and casualty insurers,
 
14 payment shall be made in proportion to the premiums from policies
 
15 of hurricane property insurance serviced by the insurers in the
 
16 twelve months prior to dissolution of the fund.]"
 
17      SECTION 2.  Statutory material to be repealed is bracketed.
 
18 New statutory material is underscored.
 
19      SECTION 3.  This Act shall take effect upon its approval.
 
20 
 
21                           INTRODUCED BY:  _______________________