REPORT TITLE:
Insurance


DESCRIPTION:
Makes funds in hurricane reserve trust fund revert to
policyholders upon dissolution of the Hawaii hurricane relief
fund.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                                        3169
THE SENATE                              S.B. NO.           
TWENTIETH LEGISLATURE, 2000                                
STATE OF HAWAII                                            
                                                             
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                   A  BILL  FOR  AN  ACT

RELATING TO INSURANCE.



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

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  Statutory material to be repealed is bracketed.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