STAND. COM. REP. NO. 3372

                                   Honolulu, Hawaii
                                                     , 2000

                                   RE:  H.B. No. 2487
                                        H.D. 1




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 2000
State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred H.B.
No. 2487, H.D. 1, entitled: 

     "A BILL FOR AN ACT RELATING TO FINANCING THE HAWAII
     HURRICANE RELIEF FUND,"

begs leave to report as follows:

     The purpose of this bill is to remove the requirement that
the Hawaii Hurricane Relief Fund accumulate the annual assessment
on the premiums of property and casualty insurers upon the
accumulation of $500,000,000 in funds and commitments.

     Furthermore, this bill removes the $500,000,000 aggregate
ceiling on settling claims in the event of a covered event.

     Your Committee finds that these changes are needed to enable
the issuance of revenue bonds to fund policy claim payments upon
the occurrence of a hurricane.

     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 H.B. No.
2487, H.D. 1, and recommends that it pass Third Reading.


 
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                                   STAND. COM. REP. NO. 3372
                                   Page 2


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



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
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