STAND. COM. REP. NO. 151*^
Honolulu, Hawaii
APR 0 2 2025
RE: S.C.R. No. 57
S.D. 1
Honorable Ronald D. Kouchi
President of the Senate
Thirty-Third State Legislature
Regular Session of 2025
State of Hawaii
Sir:
Your Committee on Commerce and Consumer Protection, to which
was referred S.C.R. No. 57 entitled:
"SENATE CONCURRENT RESOLUTION URGING THE CONGRESS OF THE
UNITED STATES TO ENACT A NATIONAL REINSURANCE PROGRAM TO
ADDRESS THE MULTI-STATE INSURANCE CRISIS RESULTING FROM
CATASTROPHIC NATURAL DISASTERS,"
begs leave to report as follows:
The purpose and intent of this measure is to urge the
Congress of the United States to enact a national reinsurance
program to address the multi-state insurance crisis resulting from
catastrophic natural disasters.
Your Committee received testimony in support of this measure
from three individuals.
Your Committee finds that major private insurance and
reinsurance providers have been withdrawing from the insurance
markets in high-risk areas, resulting in a reduction of available
coverage and skyrocketing premiums. Your Committee also finds
that states have sought to address this issue by establishing
nonprofit insurers of last resort, such as California's FAIR Plan,
Florida's Citizens Property Insurance Corporation, and the Hawaii
Property Insurance Association. These state-established insurers
of last resort have been burdened with a disproportionate share of
catastrophic risk in the market and are now facing solvency
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Page 2
issues. Your Committee further finds that a national reinsurance
program could be better suited to provide stability in
disaster-prone areas, increase insurance availability, mitigate
premium volatility issues, and protect state-instituted insurance
funds by covering only the most extreme catastrophic losses. This
measure urges Congress to establish a national reinsurance program
to help stabilize the insurance markets, promote economic security
and disaster preparedness, and reduce the need for post-disaster
federal aid.
Your Committee has amended this measure by making technical,
nonsubstantive amendments for the purposes of clarity and
consistency.
As affirmed by the record of votes of the members of your
Committee on Commerce and Consumer Protection that is attached to
this report, your Committee concurs with the intent and purpose of
S.C.R. No. 57, as amended herein, and recommends its adoption in
the form attached hereto as S.C.R. No. 57, S.D. 1.
Respectfully submitted on
behalf of the members of the
Committee on Commerce and
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 The Senate
Thirty-Third Legislature
State of Hawai‘i
Record of Votes
Committee on Commerce and Consumer Protection
CPN
Bill / Resolution No.;* Committee Referral: Date:
CPN
The Committee is reconsidering its previous decision on this measure.
If so, then the previous decision was to; ___________________________________
The Recommendation is;
Pass, unamended v^^ss, with amendments __ Hold __ Recommit
2312 2311 2310 2313
Members Aye Aye (WR) Nay Excused
KEOHOKALOLE, Jarrett (C)
FUKUNAGA, Carol (VC)
MCKELVEY. Angus L.K.
RICHARDS, III, Herbert M. “Tim”
AWA, Brenton
TOTAL /
Recommendation;
Adopted __ Not Adopted
Chair’s or Designee’s Signature;
Distribution: Yellow Pink Goldenrod
File with Committee Report Clerk's Office Drafting Agency Committee File Copy
*Only one measure per Record of Votes
Revised: 12/09/24
't.