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The Earthquake (C) Study Group is appointed by the Property and Casualty Insurance (C) Committee for 2012 to study, in coordination with other NAIC working groups and task forces, earthquake matters of concern to insurance regulators and report on this at each national meeting.—Essential. The Earthquake Study Group will see to:
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Increase knowledge and awareness of the earthquake risk nationally and in each state. This includes working with earth scientists, first responders, emergency managers, consumer groups, public and private modelers, and other experts.
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Work with engineers, the Federal Emergency Management Agency and other seismic and actuarial experts to determine effective techniques for retrofitting and mitigating against earthquake risk. This includes identifying which building types are most seismically at risk and exploring methods of collecting post-earthquake loss damage information to improve loss-modeling and mitigation capabilities.
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Identify strategies to communicate earthquake risk awareness, preparation, loss mitigation and recovery measures to insurers, producers and consumers. This includes continued development of an earthquake consumer brochure and working with social scientists to understand the latest research on promoting public preparedness.
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Stay abreast of federal and state legislation impacting the earthquake industry. This includes receiving presentations from speakers on pending federal and/or state legislation involving mitigation initiatives and alternative financing methodologies.
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Review and update The Final Report of the Earthquake Study Group (February 2000), so that it provides a basis for understanding an outline for action to be taken by the states to respond to earthquake events and risks.
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Assist state insurance regulators in determining the availability and affordability of earthquake coverage in their respective states.
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