§ 27-33-1. Purposes.
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.