Bill > SR41

This resolution urges the United States Congress to establish a National Reinsurance Program to address the growing insurance crisis caused by increasingly frequent and severe catastrophic natural disasters like hurricanes, wildfires, floods, and earthquakes. The resolution highlights that major insurers are withdrawing from high-risk areas, leading to reduced coverage and dramatically increased premiums that are harming homeowners, businesses, and agricultural producers. The proposed national program would serve as a financial backstop, operating as a public-private partnership with key features including actuarial soundness, state opt-in flexibility, and clearly defined loss thresholds to protect taxpayers while maintaining private market participation. Additionally, the resolution recommends that the federal government provide mitigation incentives such as premium discounts, tax credits, and grants to encourage disaster-resistant infrastructure investments. It also suggests that the President, Treasury Secretary, Federal Insurance Office, and Federal Emergency Management Agency develop interim measures to stabilize insurance markets, such as expanding access to federal risk modeling and offering financial incentives for insurers to return to high-risk markets. The ultimate goal is to promote economic security, sustainable homeownership, and disaster preparedness while reducing the need for costly post-disaster federal aid.

Business and Industry, Government Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SR&billnumber=41&year=2025