(a)    (1)    There is a Joint Insurance Association.

(2)    The Association is an unincorporated association.

(b)    (1)    The Association consists of all insurers that are licensed to write in the State, on a direct basis, essential property insurance or a component of essential property insurance in multi-peril policies.

(2)    As a condition of its authority to transact essential property insurance business in the State, an insurer must be and remain an Association member.

(c)    The Association may:

(1)    establish a program of operation, subject to the approval of the Commissioner; and

(2)    cause policies to be issued and assume and cede reinsurance on risks written in conformity with the program of operation.

(d)    Each Association member shall participate in the Association’s expenses, profits, and losses in the proportion that the Association member’s premiums written bear to the aggregate premiums written by all Association members.

(e)    (1)    A Governing Committee shall administer the Association.

(2)    The Governing Committee consists of nine Association members.

(3)    All Association members annually shall elect the members of the Governing Committee.

(4)    Votes shall be weighted in accordance with the premiums written by each Association member.

(f)    (1)    An Association member, the Association or its agents or employees, the Board of Directors, and the Commissioner or the Commissioner’s representatives shall have the immunity from liability described in § 5-411(a) of the Courts Article.

(2)    An Association member, the Association, the Governing Committee, their agents or employees, the Commissioner, and the Commissioner’s authorized representatives shall have the immunity from liability described in § 5-411(b) of the Courts Article.