(1) (a) The FAIR plan association board of directors is created as the governing body of the association and to administer the FAIR plan. The board consists of members appointed by the governor as follows: (I) Two members representing admitted mutual insurers writing property insurance in Colorado; (II) Two members representing admitted stock insurers writing property insurance in Colorado; (III) One member representing a Colorado-based insurance trade organization that represents insurers of various property interests; (IV) One member representing a Colorado-based insurance trade association that represents independent insurance agents licensed to write property and casualty insurance in Colorado; (V) One member who is an insurance producer licensed pursuant to article 2 of this title 10 to write property and casualty insurance in Colorado; and (VI) Two members representing the interests of consumers and, to the extent practicable, representing consumer advocacy organizations and diverse geographic areas of the state. (b) The governor shall make the initial appointments to the board on or before January 1, 2024. (c) The term of office of board members is three years; except that: (I) Each board member serves at the pleasure of the governor; and (II) To ensure staggered membership, of the initial members appointed to the board: (A) One of the members initially appointed pursuant to subsection (1)(a)(I) or (1)(a)(II) of this section and one of the members initially appointed pursuant to subsection (1)(a)(IV) or (1)(a)(V) of this section shall each serve an initial term of one year; and (B) The member initially appointed pursuant to subsection (1)(a)(III) of this section and one of the members initially appointed pursuant to subsection (1)(a)(VI) of this section shall each serve an initial term of two years. (d) A board member may serve four terms. (e) If a vacancy occurs on the board, the governor shall appoint a new board member to complete the remainder of the board member's term. (2) The board may, on its own initiative or at the request of the commissioner, amend the plan of operation described in section 10-4-1807, subject to approval by the commissioner. (3) (a) On or before April 1, 2025, and on or before each April 1 thereafter, the board shall submit to the commissioner, in the form and manner determined by the commissioner, a report concerning the FAIR plan during the preceding calendar year. The report must include information concerning: (I) The financial condition of the plan; (II) The number of policies and the coverage available through the plan; (III) The number and types of claims made under the plan; and (IV) A description of the sufficiency of coverage under and finances of the plan. (b) In addition to this annual reporting requirement, the commissioner may require the board to submit quarterly reports or may examine the affairs of the FAIR plan association if the commissioner determines that such action is necessary to ensure the continued solvency of the plan.
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