The FAIR plan and articles of association shall make provision for an underwriting association having authority on behalf of its members to cause to be issued property insurance policies, to reinsure in whole or in part any such policies and to cede any such reinsurance. The plan and articles of association shall provide, among other things, for the perils to be covered, geographical area of coverage, compensation and commission, assessments of members, the sharing of expenses, income and losses on an equitable basis, cumulative weighted voting for the governing committee of the association, the administration of the plan and association and any other matter necessary or convenient for the purpose of assuring fair access to insurance requirements.
History: 1978 Comp., § 59A-29-4, enacted by Laws 1985, ch. 61, § 4.
Repeals. — Laws 1985, ch. 61, § 10 repealed former 59A-29-4 NMSA 1978, as enacted by Laws 1984, ch. 127, § 498, relating to participation in a FAIR plan, effective April 1, 1985. For present comparable provisions, see 59A-29-3 NMSA 1978.
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