Bill > SCR57

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 natural disasters like hurricanes, wildfires, floods, and earthquakes. The resolution highlights that major insurers are withdrawing from high-risk areas, leading to skyrocketing premiums and limited coverage for homeowners, businesses, and agricultural producers. The proposed national reinsurance program would function as a public-private partnership with key characteristics including actuarial soundness, optional state participation, and clearly defined loss thresholds that protect taxpayers while maintaining private market involvement. Additionally, the resolution recommends that Congress provide mitigation incentives such as premium discounts, tax credits, and grants to encourage investments in disaster-resistant infrastructure. 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 improved disaster preparedness while reducing the need for extensive post-disaster federal aid.

Business and Industry, Government Affairs

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SCR&billnumber=57&year=2025