The Hawaiʻi Hurricane Relief Fund board will meet next week to discuss strategies for stabilizing the hurricane insurance market.
The board was reconstituted for the first time in 20 years in July.
This comes after Gov. Josh Green issued an emergency proclamation to steady the insurance market. Some condominium buildings have been unable to secure full coverage from one of the three companies operating in Hawaiʻi.
The proclamation would allow the state to loan up to $60 million in general funds to the Hawaiʻi Hurricane Relief Fund and the Hawaiʻi Property Insurance Association to issue insurance policies.
It would also allow the relief fund to begin issuing hurricane insurance again, which it has not done since the early 2000s.
The state Department of Commerce and Consumer Affairs did not have specifics as to how buildings could access the insurance policies through the Hurricane Relief Fund as it has not yet been implemented.
The board is expected to consider how that type of insurance program would be created using the governor's emergency proclamation.
New members have been appointed to the Hurricane Relief Fund Board including Insurance Commissioner Gordon Ito. Its next meeting is scheduled for Aug. 30.
Correction: A previous version of this article incorrectly identified the August meeting as the board's first meeting. It is its third meeting since reconvening this year.
