Section 515F.31 - PurposeThe 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 and does not actively compete with insurance pricing in the voluntary insurance market.2003 Acts, ch 119, §2, 11