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The 2009 Catastrophe Insurance Working Group is charged by the Property and Casualty Insurance (C) Committee to:
- Monitor and recommend measures to improve the availability and cost of insurance and reinsurance related to catastrophe perils for personal and commercial lines;
- Evaluate potential state, regional and national programs to increase capacity for insurance and reinsurance related to catastrophe perils;
- Monitor and assess proposals that address disaster insurance issues, both at the federal and state levels; assess concentration of risk issues and whether a regulatory solution is needed;
- Provide a forum for discussing issues and recommending solutions related to insuring for catastrophic risk, including terrorism, war, and natural disasters;
- Update the State Disaster Response Plan Manual, as needed, so that it provides a blueprint for action by states to respond to catastrophic events; and
- Finish work on the NAIC Natural Catastrophe Risk Plan by the 2009 Summer National Meeting.
Additionally the Catastrophe Insurance Working Group will provide a forum for discussing various issues related to catastrophe modeling, make recommendations for the appropriate regulatory framework for catastrophe modelers and monitor issues that will result in changes to the —Catastrophe Computer Simulation Modeling Handbook
The Catastrophe Insurance Working Group will work with the NAIC staff and consultants to evaluate the possibility of developing a public computer catastrophe simulation model and make recommendations to the NAIC membership regarding the development of the public model in accordance with the information approved in the Business and Fiscal Impact Statement for the Project |
