1997 Minnesota Statutes

     65A.32 Purposes. 

    The purposes of sections 65A.31 to 65A.42 are: 

    (1) to encourage stability in the property and liability 
 insurance market for property located in this state; 

    (2) to encourage maximum use, in obtaining property and 
 liability insurance, as defined in sections 65A.31 to 65A.42, of 
 the normal insurance market provided by the private property and 
 casualty insurance industry; 

    (3) to encourage the improvement of the condition of 
 properties located in this state and to further orderly 
 community development generally; 

    (4) to provide for an organization known as the Minnesota 
 property insurance placement facility, which will assure fair 
 access to insurance requirements (FAIR plan) in order that no 
 property shall be denied property or liability insurance through 
 the normal insurance market provided by the private property and 
 casualty insurance industry except after a physical inspection 
 of such property and a fair evaluation of its individual 
 underwriting characteristics; 

    (5) to publicize the purposes and procedures of the FAIR 
 plan to the end that no one may fail to seek its assistance 
 through lack of knowledge of its existence; and 

    (6) to provide for the formulation and administration by 
 the Minnesota property insurance placement facility of a 
 reinsurance arrangement whereby property and casualty insurers 
 shall share equitably the responsibility for insuring insurable 
 property for which property and liability insurance cannot be 
 obtained through the normal insurance markets. 

    HIST: 1969 c 483 s 2; 1986 c 455 s 42; 1993 c 248 s 3