Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Consumer Protection & Commerce, to which was referred H.C.R. No. 64 entitled:

begs leave to report as follows:

The purpose of this concurrent resolution is to support state efforts to keep homeowner's disaster insurance affordable by urging Hawaii's Congressional delegation to support and secure passage of federal legislation establishing a catastrophic reinsurance fund.

The Insurance Commissioner of the Department of Commerce and Consumer Affairs supported this concurrent resolution. The Hawaii Association of Realtors commented on this measure.

Your Committee finds that H.R. 4366, the federal Homeowners' Insurance Protection Act of 2005, would establish a federal catastrophic reinsurance fund to spread the liability for the worst natural disasters by providing lower-cost reinsurance to state catastrophe funds.

As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee concurs with the intent and purpose of H.C.R. No. 64 and recommends its adoption.