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The Earthquake Study Group is charged to study and report on Earthquake matters of concern to insurance regulators on a quarterly basis. This includes:
- Review and update The Final Report of the Earthquake Study Group (Feb. 2000), so that it provides a basis for understanding and outline for action to be taken by states to respond to earthquake events and risks;
- Work with seismic and actuarial experts to develop recommendations for measures designed to mitigate losses caused by earthquakes;
- Study earthquake modeling assumptions and meet with catastrophe modeling vendors to determine if models adequately handle regional differences in loss exposure;
- Assist states in determining the availability and affordability of earthquake coverage in their states and assist in dealing with market dislocations and affects on rate level caused by exposure to the earthquake peril; and
- Identify strategies to communicate earthquake risk awareness, preparation, loss mitigation and recovery measures to insurers, producers and consumers—Essential
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