Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1111, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this bill is to establish the Hawaii Catastrophic Relief Fund (HCRF) to provide reinsurance for the risks of catastrophic events and mitigate the impact of a catastrophic or emergency condition in Hawaii. In addition to establishing the HCRF, this bill will:

The Department of Defense and State Farm supported the intent of this measure. A concerned individual supported this bill with reservations. The Department of Commerce and Consumer Affairs, Hawaii Insurers Council, and Hawaii Association of Realtors opposed this measure.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1111, H.D. 1, and recommends that it pass Third Reading.