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a�YYrpK b'!ey <br /> COUNTY OF 6 * .* STATE OF 6 <br /> i <br /> +rE+OvH►'�N <br /> s <br /> RESOLUTION Na. 223 <br /> 3 I <br /> A RESOLUTION STRONGLY URGING IMMEDIATE ACTION BY THE HAWAI'I STATE <br /> LEGISLATURE, DEPARTMENT OF COMMERCE & CONSUMER AFFAIRS, AND <br /> HAWAII PROPERTY INSURANCE ASSOCIATION TO ADDRESS INSURANCE <br /> ACCESSIBILITY ON HAWAII ISLAND, PARTICULARLY IN LAVA ZONES 1 AND 2. <br /> WHEREAS, a stable and accessible insurance market is of critical importance for residents of <br /> Hawaii Island, residing in or operating a commercial business in Lava Zones 1 and 2; and <br /> WHEREAS, the recent decision by Universal Property and Casualty Insurance Co. to <br /> withdraw from the Hawaii market has left residents in these lava zones without viable insurance <br /> options, posing significant challenges to their financial security and quality of life; and <br /> WHEREAS, the lack of affordable insurance particularly impacts vulnerable individuals and <br /> families with limited incomes, and those aspiring to purchase property through financing; and <br /> WHEREAS, Hawaii Property Insurance Association is considered to be the insurance carrier <br /> of last resort for residential properties, but currently offers no policy options for commercial <br /> enterprises; and <br /> WHEREAS, Hawai`i's insurance market must be robust, accessible, and equitable for all; <br /> and <br /> WHEREAS, it is imperative that prompt action be taken and potential solutions are explored, <br /> in order to resolve this pressing issue, safeguard the financial well-being of residents, and foster <br /> economic stability throughout our communities; now, therefore <br /> BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII that it <br /> strongly urges the Hawaii State Legislature, Department of Commerce & Consumer Affairs, <br /> Insurance Division, and Hawaii Property Insurance Association to take immediate and decisive <br /> action to address the insurance challenges faced by residents of Hawaii Island, residing in or <br /> operating a commercial business in Lava Zones 1 and 2. <br /> BE IT FURTHER RESOLVED that the Hawaii State Legislature,Department of Commerce <br /> & Consumer Affairs,Insurance Division,and Hawaii Property Insurance Association(HPIA),explore <br /> various means of assisting affected residents, including: a) increasing HPIA policy premiums and <br /> expanding coverage to include commercial businesses, b) implementing subsidies or financial <br /> assistance programs to mitigate the financial burden for vulnerable residents in Lava Zones 1 and 2, <br /> and c) exploring the creation of a risk pooling mechanism. <br /> BE IT FURTHER RESOLVED that the Hawaii State Legislature and Department of <br /> Commerce & Consumer Affairs, Insurance Division, explore and consider adapting successful aspects <br /> of the National Flood Insurance Program into HPIA's structure, including risk-based pricing and <br />