LD 1601, Page 2 - 121th Legislature, FIRST REGULAR Session

	2.__Authority.__If the superintendent determines, after a public
hearing, that in all or any part of the State residential property
insurance is not reasonably available in the voluntary market to a
substantial number of insurable risks and that at least 50% of the
applicants to the residential property market assistance program
pursuant to subsection 4 who are qualified under the plan of
operation, after the superintendent has made insurer participation
mandatory under the plan of operation pursuant to subsection 3,
have not been placed with an insurer in the previous 12-month
period, the superintendent may establish the Fair Access to
Insurance Requirements Plan, or FAIR Plan, to deliver residential
property insurance to citizens of this State in underserved areas
that must be determined and designated by the superintendent by
rule.__Each insurer, as a condition of its authority to transact
residential property insurance in this State, shall participate in
the FAIR Plan Association in accordance with this section.

3.__Governing committee; plan of operation.__The FAIR Plan is
administered as follows.

A.__The FAIR Plan must be administered by the governing
committee of the association, appointed according to
paragraph B, pursuant to a plan of operation.__Subject to
the approval of the superintendent, the governing committee
shall develop a plan of operation and propose amendments to
the plan of operation.__The plan of operation and any
amendments to the plan of operation must be adopted by the
superintendent by rule.__The governing committee may on its
own initiative or at the request of the superintendent amend
the plan of operation.

B.__The governing committee of the association is composed
of 11 members appointed by the superintendent as follows:

(1)__Five members who represent the interests of
insurers;

(2)__Four public members; and

(3)__Two members who are licensed producers.

The superintendent or the superintendent's designated
representative from within the bureau serves as an ex
officio, nonvoting member.

To be eligible to serve on the governing committee as a
representative of insurers, a person must be a full-time
employee of an authorized insurer.

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