HRS §431P-4
Planning and selling hurricane insurance when private market fails
The Hawaii Hurricane Relief Fund watches whether private companies are selling property insurance, including hurricane coverage, in the state. If the fund's board decides, on its own, that private insurance is not reasonably available, the fund can sell hurricane property insurance. The board can also plan and manage the fund even before making that decision.
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The statute, as written — Planning and assessment functions of the fund; discretion to provide insurance
(a) The fund shall be responsible for monitoring the availability of property insurance, including insurance for covered events, in this State. If at any time the board determines, in its sole discretion, that the private insurance market is not making such insurance reasonably available to consumers in this State, the fund may offer policies of hurricane property insurance for sale in accordance with this chapter. (b) Nothing in subsection (a) shall prohibit the board from exercising its powers to develop plans and procedures for the operation and management of the fund without regard to the determination of the board as to the availability of insurance in the private market.
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