§ 27-33-1

The purposes of this chapter are: (1) To make basic property insurance available to qualified applicants who have been unable to secure the insurance in the normal market, and (2) To create a fund to discharge the obligations of the state to the Secretary of the Department of Housing and Urban Development, referred to in this chapter as 'the secretary,' under 12 U.S.C. § 1749bbb-9, referred to in this chapter as 'the Act,' as and when those obligations shall occur, in order that insurers writing property insurance in this state may not for lack of a fund be rendered ineligible for reinsurance as provided under the Act. History of Section.P.L. 1969, ch. 211, § 1.