515F.34 - MEMBERSHIP.
515F.34 MEMBERSHIP. 1. Eligibility for membership in the FAIR plan and its underwriting association requires all of the following: a. The insurer must be licensed to write property insurance in this state. b. The insurer is engaged in writing property insurance in this state, including the property insurance components of multiperil on a direct basis. 2. Each insurer that meets the eligibility requirements in subsection 1 shall be required to do all of the following: a. Automatically subscribe to the articles of agreement for the FAIR plan and the underwriting association as a prerequisite to authority to transact property insurance business in this state. b. Become and remain a member both of the FAIR plan and the underwriting association. c. Comply with the requirements of the FAIR plan and the underwriting association as a condition of the insurer's authority to transact property insurance business in this state.
Section History: Recent Form 2003 Acts, ch 119, §5, 11