Bill > HB20

This bill mandates that the Insurance Division of the Department of Commerce and Consumer Affairs conduct a comprehensive study on the homeowners insurance market specifically for areas designated as "lava zones 1 and 2," which are lands classified by the United States Geological Survey as having the highest and second-highest risk of lava flow, respectively. The study will aim to identify ways to attract more insurance companies to offer coverage in these high-risk areas and to determine the financial subsidy needed to reduce premiums for homeowners in these zones back to levels seen before a recent decline in the insurance market. The findings of this study, along with recommendations, must be reported to the Legislature by a specific date, and funds are appropriated to cover the costs of this research, with the entire act set to take effect in the distant future of July 1, 3000.