National Earthquake Insurance and Reinsurance Act of 1990

National Earthquake Insurance and Reinsurance Act of 1990 - Title I: Participation in National Earthquake Insurance Program and Adoption of Hazard Reduction Measures - Requires the Director of the Federal Emergency Management Agency to publish in the Federal Register and local newspapers information tentatively identifying areas subject to earthquake hazards and to notify the chief executive officers of the identification as an earthquake-prone community. Requires such identifications to be continually updated. Requires the Director to make information available with regard to: (1) an earthquake hazard as it affects any community; (2) the national earthquake insurance program, its coverage, and its objectives; and (3) estimated premium rates under the national earthquake insurance program. Requires local officials to disseminate earthquake information and data.

Directs identified communities to submit technical data sufficient to establish that the community is not an earthquake-prone community. Requires the hearings and final determinations on the issue of such identification. Requires earthquake-prone communities to fulfill requirements for participation in the national earthquake insurance program.

Requires the appointment of an earthquake insurance advisory committee to advise the Director on the Administration of this Act. Authorizes the Director to carry out studies and investigations with respect to establishing earthquake-related comprehensive criteria requiring State and local governments to adopt land use and management ordinances, building codes, and other loss reduction measures in earthquake-prone areas. Requires such criteria to be periodically updated to reflect technical advances designed to reduce losses from earthquakes. Requires the Director to encourage State and local officials to adopt local loss reduction measures that incorporate such comprehensive criteria.

Prohibits any State or local community identified as an earthquake-prone area from participating in the national earthquake insurance program (NEIP) unless the Director finds that the appropriate public body has adopted and is enforcing land use and management laws, building codes, and other loss reduction measures that conform with such criteria. Prohibits earthquake insurance coverage to a local body found to be in violation of any regulation intended to regulate or restrict location or construction in earthquake-prone areas.

Requires a building, mobile home, or other construction situated on an area identified as earthquake-prone to be covered by earthquake insurance. Requires each Federal instrumentality responsible for the supervision of banks, savings and loans, and other similar institutions to prohibit such institutions from making or renewing any loan for a building, mobile home, or other construction located in an earthquake-prone community unless such building and any personal property securing the loan is covered by an adequate amount of earthquake insurance. Exempts State-owned property from such requirement. Requires all such banks, savings and loans, and other such institutions to: (1) notify a purchaser or lessee of identification of an area as an earthquake-prone area before entering into a purchase agreement; and (2) notify the purchaser or lessee that, in the event of an earthquake disaster, Federal disaster relief assistance may not be available if such community does not participate in the NEIP or such property does not have adequate earthquake insurance coverage.

Provides that no Federal officer or agency may approve any financial assistance for acquisition or construction in an earthquake-prone area unless the community involved is participating in the NEIP. Prohibits banks, savings and loans, and other such institutions from approving loans for any building, mobile home, or other construction in an area not so covered.

Authorizes a district court appellate procedure for any community determined to be earthquake-prone or denied loans for lack of participation in the NEIP. Requires the Director to report to the President and issue appropriate regulations regarding this Act.

Title II: National Earthquake Insurance Program - Authorizes the Director to establish and carry out a NEIP to provide insurance against loss resulting from physical damage to or loss of real or personal property arising from earthquakes. Requires private insurer participation of at least 80 percent of all written premiums for homeowners' multiperil insurance written in the United States under such program. Requires private insurers participating in the NEIP to reimburse the Director for 15 percent of all costs of the program. Outlines provisions, with regard to the NEIP, concerning: (1) insurance priorities; (2) additional types of insurance to be made available; (3) terms and limitations of insurance coverage; and (4) additional insurance limits to be made available at premium rates.

Authorizes the Director to carry out studies and investigations to estimate the actuarial premium rates for property eligible for earthquake insurance and the terms and conditions under which such rates will apply. Requires the Director to consult with the advisory committee established under this Act in carrying out such studies and investigations. Outlines considerations for the determination of the actuarial rates. Requires the Director to establish chargeable premium rates which may be less than the actuarial rates in order to encourage States and local communities to pay a reasonable cost for adequate earthquake insurance coverage. Provides rates requirements with respect to new construction and newly eligible construction.

Requires the Director, in order to carry out the NEIP, to establish in the Treasury a National Earthquake Insurance Fund. Allows the Director to borrow from the Treasury in cases in which Fund amounts are not sufficient to pay claims.

Authorizes appropriations.

Title III: National Earthquake Excess Loss Reinsurance Program - Requires the Director, upon establishment of the NEIP, to also establish a national earthquake excess loss reinsurance program (NERP) which shall be available to participating private insurers. Provides that, if the NEIP fails for lack of private insurer participation, NERP reinsurance may not be written or renewed. Provides coverage amounts and covered lines of insurance for the NERP, requiring all participating private insurers to purchase coverage for all covered lines. Requires the Director to establish premium rates for NERP coverage. Provides that the Director shall incur no liability, and shall not honor any claim, for loss on a property not covered under NEIP for a reinsurance claim under this title.

Requires the Director, in order to carry out the NERP, to establish in the Treasury a National Earthquake Reinsurance Fund to pay losses and expenses under the program. Authorizes the Director to borrow from the Treasury in cases in which Fund amounts are insufficient to pay claims. Authorizes appropriations.