Functions

The Consortium shall— (1) work with States to gather and maintain an inventory of catastrophe risk obligations held by providers of natural catastrophe insurance; (2) assess issues or gaps in the insurance sector of the United States financial system and any related effects on insurance affordability for policyholders; (3) advance consistent, clear, intelligible, comparable, and accurate disclosure of catastrophic risk; (4) submit annual reports to the Congress describing the activities of the Consortium for the preceding year, and the first such annual report shall include an assessment of the costs to States and the regions associated with catastrophe risk; (5) assess the potential for major disruptions of private insurance coverage in United States markets particularly vulnerable to catastrophes; (6) make such other recommendations on how identified financial risk can be mitigated, including through new or revised regulatory standards, as appropriate; and (7) account for and identify disparate impacts of catastrophic risks on disadvantaged communities and communities of color.