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(a)
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(1) All insurers licensed to transact property insurance, as defined in § 23-62-104, shall become members of the Arkansas Rural Risk Underwriting Association.
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(2) For the purposes of this section, farmers’ mutual aid associations or companies are insurers and are subject to the assessments and other requirements imposed on insurers under this section.
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(b) This association or company shall provide a plan of property insurance to insurable rural risk applicants. Rural risk applicants are those applicants seeking insurance on risks located in geographic areas to be determined “rural areas” by the governing board, subject to the approval of the Insurance Commissioner.
