Bill Text: HI HB516 | 2010 | Regular Session | Introduced
Bill Title: Insurance; Hurricane Relief Fund
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [HB516 Detail]
Download: Hawaii-2010-HB516-Introduced.html
Report Title:
Insurance; Hurricane Relief Fund
Description:
Repeals requirement that the interest earned on the principal in the hurricane reserve trust fund be transferred to the general fund.
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
516 |
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TWENTY-FIFTH LEGISLATURE, 2009 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE HAWAII HURRICANE RELIEF FUND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 431P-16, Hawaii Revised Statutes, is amended by amending subsection (i) to read as follows:
"(i) Moneys in the hurricane reserve trust fund may be:
(1) Disbursed upon dissolution of the Hawaii
hurricane relief fund; provided that[:
(A) The] the net moneys
in the hurricane reserve trust fund shall revert to the state general fund [after
payments by the fund on behalf of licensed property and casualty insurers or
the State that are required to be made pursuant to any federal disaster
insurance program enacted to provide insurance or reinsurance for hurricane
risks are completed; and
(B) If such moneys are paid on
behalf of licensed property and casualty insurers, payment shall be made in
proportion to the premiums from policies of hurricane property insurance
serviced by the insurers in the twelve months prior to dissolution of the fund;
or];
(2) Deposited to the loss mitigation grant fund
established under section 431:22-102[;
provided that all interest earned from the
principal in the hurricane reserve trust fund shall be transferred and
deposited into the general fund each year that the hurricane reserve trust fund
remains in existence.] in an amount determined by the legislature; or
(3) Prior to the dissolution of the Hawaii hurricane relief fund, expended in furtherance of the powers and duties of the Hawaii hurricane relief fund."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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