(1) There is created the fair access to insurance requirements plan association, or FAIR plan association, which is a nonprofit, unincorporated public entity. All member insurers are and remain members of the association as a condition of each member insurer's authority to transact insurance business in this state. The association shall perform its functions under a plan of operation established and approved under section 10-4-1807 and shall exercise its powers through a board of directors established under section 10-4-1805. (2) The FAIR plan association is established to provide property insurance coverage, including commercial property insurance, when such coverage is not available from admitted companies. (3) The FAIR plan association shall: (a) Establish, offer, and maintain a property insurance and a commercial property insurance policy that satisfy the requirements of the FAIR plan specified in section 10-4-1806; and (b) Assess and share among member insurers, on a fair and equitable basis, all expenses, income, and losses based on each member insurer's written premium for property and commercial property insurance consistent with this part 18. (4) The FAIR plan association may issue property insurance policies, including commercial property insurance policies, and reinsure in whole or in part any such policies, cede any such reinsurance, or transfer risk to other capital markets. (5) The association shall establish a public website that includes information about the FAIR plan. The website must include a toll-free telephone number that a person may use to obtain information about the plan.
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