SB3234 - Relating To The Stabilization Of Property Insurance.

6 Co-Sponsors

Amends the laws relating to the Hawaii Hurricane Relief Fund and Hawaii Property Insurance Association by: imposing a different transient accommodation tax rate for transient vacation rentals, a property insurance surcharge on conveyance tax, and a temporary property insurance stabilization fee on real property transactions to capitalize the Hawaii Property Insurance Association and Hawaii Hurricane Relief Fund; expanding the statutory authorization for the Hawaii Property Insurance Association to issue property insurance for certain condominiums and amending the designated geographic area eligible for coverage to specifically include lava zones 1 and 2; mandating that the Hawaii Hurricane Relief Fund and Hawaii Property Insurance Association be insurers of last resort; requiring Hawaii Property Insurance Association member insurers and licensed property and casualty insurers to recoup assessment costs paid into the Hawaii Property Insurance Association and the Hawaii Hurricane Relief Fund through a surcharge on premiums; requiring coverage limits and deductibles and fund capitalization amounts for licensed property and casualty insurers to be established in a plan of operation for the Hawaii Hurricane Relief Fund, subject to approval by the Insurance Commissioner; and reinstating the special mortgage recording fee to capitalize the Hawaii Hurricane Relief Fund. Appropriates moneys as a loan to the Hawaii Hurricane Relief Fund to assist it in becoming sufficiently capitalized and other purposes. Authorizes the issuance of general obligation bonds and appropriates bond revenues as a loan to the Hawaii Hurricane Relief Fund to assist it in becoming sufficiently capitalized and other purposes. Effective 7/1/3000. (HD2)