Bill > SB1129

This bill requires the Insurance Commissioner to establish a working group focused on identifying and recommending innovative risk transfer market mechanisms related to climate change and natural infrastructure. The working group will explore strategies that incentivize private investment in natural lands to reduce risks to public safety, property, utilities, and infrastructure. Specifically, the group will examine insurance and reinsurance approaches that are profitable for companies and can be applied at a community or regional level. The recommended policies will consider international examples of using insurance to create environmental protection incentives, such as wetland restoration, forest fire risk management, and developing insurance rating systems based on community climate risk factors. The working group must submit an annual report to the legislature starting in 2026, detailing their findings and recommendations, which may include proposed legislation. The bill appropriates funds for the department of commerce and consumer affairs to convene and support this working group, with the legislation set to take effect on July 1, 2050.

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=1129&year=2026