RELATING TO THE STABILIZATION OF PROPERTY INSURANCE.

Amends the laws relating to the Hawaiʻi Hurricane Relief Fund and Hawaiʻi Property Insurance Association by: imposing a different transient accommodation tax rate for transient vacation rentals, a property insurance surcharge on conveyance tax, and a temporary property insurance stabilization fee on real property transactions to capitalize the Hawaiʻi Property Insurance Association and Hawaiʻi Hurricane Relief Fund; expanding the statutory authorization for the Hawaiʻi Property Insurance Association to issue property insurance for certain condominiums and amending the designated geographic area eligible for coverage to specifically include lava zones 1 and 2; mandating that the Hawaiʻi Hurricane Relief Fund and Hawaiʻi Property Insurance Association be insurers of last resort; requiring Hawaiʻi Property Insurance Association member insurers and licensed property and casualty insurers to recoup assessment costs paid into the Hawaiʻi Property Insurance Association and the Hawaiʻi Hurricane Relief Fund through a surcharge on premiums; requiring coverage limits and deductibles and fund capitalization amounts for licensed property and casualty insurers to be established in a plan of operation for the Hawaiʻi Hurricane Relief Fund, subject to approval by the Insurance Commissioner; and reinstating the special mortgage recording fee to capitalize the Hawaiʻi Hurricane Relief Fund. Appropriates moneys as a loan to the Hawaiʻi Hurricane Relief Fund to assist it in becoming sufficiently capitalized and other purposes. Authorizes the issuance of general obligation bonds and appropriates bond revenues as a loan to the Hawaiʻi Hurricane Relief Fund to assist it in becoming sufficiently capitalized and other purposes. Effective 7/1/3000. (HD2)