Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2172, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to establish a loss mitigation grant fund special fund and to authorize the transfer of funds between the hurricane reserve trust fund and the loss mitigation grant fund.

Furthermore, this measure requires the Insurance Commissioner to develop and implement a three-year loss mitigation grant program to encourage single and multi-family residential dwellings to install wind resistive devices. This measure also authorizes the Commissioner to use the loss mitigation grant fund to make those grants. Also, this measure transfers general funds into the loss mitigation grant fund over the next three fiscal years.

Your Committee finds that the grant program will assist in reducing the incidence and severity of personal injury and property damage in the event of a hurricane, thereby preserving human life and property values and minimizing disruptions to the State's economy, business activity, and the delivery of public services.

Your Committee has amended this measure by:

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. 2172, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2172, S.D. 2.