11 November 2022Reinsurance

Hawaii Governor-elect mulls funding captive via green fee

Joshua Green, the Governor-elect of Hawaii, has floated the idea of the State investing in a captive insurance company.

Green was elected in the recent Mid-Term elections in the US, with one plank of his electoral platform being a $50 fee charged on every incoming tourist to the State. According to Green’s website this would be used to protect the environment, address climate change and build affordable housing, while reducing the total number of tourists.

Green was interviewed on local TV in Hawaii and was quoted as saying: “If we have that impact fee, which would bring in $350 plus million per year, we could then put that into what’s called a captive insurance model and we could deal with climate change, we could deal with our parks and erosion. And it would make a big difference.”

No further information was available on the plan, or on the kind of captive that Green might be considering.