515F.31 - PURPOSE.
515F.31 PURPOSE. The purposes of this division include all of the following: 1. To make basic property insurance available to qualified applicants with the least possible administrative detail and expense. 2. To establish a plan, an industry placement facility, and a joint reinsurance association for the equitable distribution and placement of risks among insurers. 3. To utilize fully the voluntary insurance market as a source of essential property insurance. 4. To encourage the delivery of basic property insurance at the most reasonable cost possible, provided that insurance pricing by the FAIR plan is actuarially self-supporting and does not actively compete with insurance pricing in the voluntary insurance market.
Section History: Recent Form 2003 Acts, ch 119, §2, 11