The purpose of this chapter is to provide for the establishment of risk-sharing plans for property or casualty insurance if the Insurance Commissioner determines that the insurance is not reasonably available in the voluntary market for the citizens of this state. This chapter is not intended to conflict with the provisions as to other risk-sharing […]
This chapter shall be deemed cumulative of prior laws, and no prior law or part of a law shall be deemed to be in conflict with this chapter unless failure to so determine would prevent giving effect to an explicit provision of this chapter.
There is created a governing board of seven (7) members to be appointed by the Insurance Commissioner which shall meet as necessary to review and prescribe operating procedures and rules to implement any plan promulgated pursuant to this chapter. The board shall be composed of the following members: (1) The Insurance Commissioner, who shall serve […]
(a) (1) If the Insurance Commissioner finds after a hearing that in all or in any part of this state, any amount or kind of insurance authorized by §§ 23-62-104 and 23-62-105 is not reasonably available in the voluntary market and that the public interest requires the availability of that insurance, the commissioner shall direct […]
(a) Each plan promulgated or prepared pursuant to § 23-95-104 shall: (1) Give consideration to: (A) The need for adequate and readily accessible coverage; (B) Optional methods of improving the market affected; (C) The inherent limitations of the insurance mechanism; (D) The need for reasonable underwriting standards; and (E) The requirement of reasonable loss prevention […]
Every participating insurer and agent shall provide to any person seeking the insurance available in each plan information about the services prescribed in the plan, including full information on the requirements and procedures for obtaining insurance under the plan.
There shall be no liability on the part of and no cause of action shall arise against the Insurance Commissioner, his or her representatives, or any plan, its participants, or its employees for any good faith action taken by them in the performance of their powers and duties in creating any plan pursuant to this […]
The Insurance Commissioner shall have the authority to promulgate rules necessary to effectuate the purpose of this chapter.
