HomeMy WebLinkAboutRES 075 Draft 01 2020-2022
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 HAWAI‘I 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.
BE IT FINALLY RESOLVED that the County Clerk shall transmit a copy of this resolution to the Honorable Mitchell D. Roth, Mayor; Lee E. Lord, Managing Director; the director of the Department
of Finance; the County Recovery Officer; and the State of Hawai‘i Insurance Commissioner.
Dated at ____________, Hawai‘i, this ______ day of _______________, 20__.
INTRODUCED BY:
COUNTY COUNCIL
County of Hawai‘i
Hilo, Hawai‘i
ROLL CALL VOTE
AYES
NOES
ABS
EX
CHUNG
DAVID
I hereby certify that the foregoing RESOLUTION was by
the vote indicated to the right hereof adopted by the COUNCIL of the
County of Hawai‘i on _____________________________________.
INABA
KĀNEALI‘I-KLEINFELDER
KIERKIEWICZ
KIMBALL
ATTEST:
LEE LOY
RICHARDS
VILLEGAS
Reference:
COUNTY CLERK CHAIRPERSON & PRESIDING OFFICER
RESOLUTION NO.
_______________________________________
COUNCIL MEMBER, COUNTY OF HAWAI’I