Study, in coordination with other NAIC task forces and working groups, earthquake matters of concern to state insurance regulators. Report at each national meeting.
Consider various innovative earthquake insurance coverage options aimed at improving take-up rates.
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.
Work with engineers, the Federal Emergency Management Agency (FEMA) 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 loss-mitigation capabilities.
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.
Stay abreast of federal and state legislation affecting the earthquake insurance industry. This includes receiving presentations from speakers on pending federal and/or state legislation involving mitigation initiatives and alternative financing methodologies.
Assist state insurance regulators in determining the availability and affordability of earthquake coverage in their respective states.