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••NtV•OF I/�'• i COUNTY OF HAWAII i•i ,"/" .1 STATE OF HAWAII • . 7Tf OF•HF,...: RESOLUTION NO. 75 21 A RESOLUTION URGING THE ADMINISTRATION TO CONDUCT A STUDY TO ADDRESS THE LACK OF AVAILABLE AND AFFORDABLE PROPERTY INSURANCE FOR RESIDENTS OF LAVA ZONES 1 AND 2. WHEREAS, areas of Puna have historically been affected by property-damaging lava flows and will continue to be exposed to that risk, as will other areas of Hawai'i County; and WHEREAS, there are 43,533 acres of land (13.4% of land in Puna) containing 984 developed parcels (28.2% of all parcels in Puna) within Lava Zone 1; and WHEREAS, there are 96,347 acres of land (29.7% of land in Puna) with 3,865 developed parcels (25.9% of all parcels in Puna) within Lava Zone 2; and WHEREAS, the developable properties that are within Lava Zones 1 and 2 are considered"High Risk" for insurance companies; and WHEREAS, the County may, pursuant to Hawai`i Revised Statutes Section 46 -1.5(26) and Chapter 431, Article 19 (Captive Insurance Companies), establish a captive insurance company; and WHEREAS,the County has entered into a Community Development Block Grant— Disaster Recovery Grant Agreement with the United States Department of Housing and Urban Development, which includes funding for voluntary buyout programs, constructing infrastructure, and assisting residential homeowners in any rehabilitation or reconstruction program; now, therefore, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII that the Department of Finance conduct a study to address the lack of available and affordable property insurance, with such study to include, but not be limited to, all possible mechanisms, including a captive insurance company, that are actuarially feasible for providing affordable property insurance, either exclusively for Lava Zones 1 and 2 or in combination with other areas and other risks. BE IT FURTHER RESOLVED that the administration report on all findings or the status of its study to the Council by October 31, 2021.