515F.31 Purpose. The purposes of this subchapter 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 anddoes not actively compete with insurance pricing in the voluntary insurance market. 2003 Acts, ch 119, §2, 11; 2017 Acts, ch 54, §76 Sat Dec 23 00:49:04 2023 Iowa Code 2024, Section 515F.31 (19, 0)
Iowa Legal Code