Page:United States Statutes at Large Volume 82.djvu/611

 82 STAT. ]

PUBLIC LAW 90-448-AUG. 1, 1968

569

any component thereof in multiperil policies shall participate in the Industry Placement Facility program in accordance with the established rules of the program as a condition of its authority to transact such kinds of insurance in the District of Columbia, except that, in lieu of revoking or suspending the certificate of authority of any company for any failure to comijly with any of the established rules of the pro- Penalty for gram, the Commissioner may subject such company to a penalty ot not "°ncompiiance. more than $200 for ejich such failure to so comply Avhen in his judgment he finds that the public interest would be best served by the continued operation of the company in the District of Columbia. F A I R ACCESS TO INSURANCE

REQUIREMENTS

SEC. 1205. (a) The Industry Placement Facility shall on its own motion, or within thirty days after a request by the Commissioner, submit to the Commissioner such proposed rules and regulations applicable to insurers, agents, and brokers deemed necessary to assure all property owners fair access to basic proi:)erty insurance through the normal insurance markets, including rules and regulations concerning— (1) the manner and scope of inspections of risk by an inspection bureau; (2) the preparation and filing of inspection reports and reports on actions taken in connection with inspected risks, and summaries thereof; (8) the operation of the F'acility, including rules and regulations concerning— (A) the basic property insurance coverages to be provided through the Facility; (B) the reasonable effort to obtain insurance in the normal commercial market required of an applicant before recourse to the Facility; and (C) the appeals procedure witliin the Facility for any applicant for insurance regarding any ruling, action, or decision by or on behalf of the Facility. (b) The Commissioner may adopt such of the rules and regulations submitted pursuant to subsection (a) of this section as he approves. If the Commissioner disapproves any proposed rule or regulation submitted, he shall state the reasons for so doing, and he shall require the Facility to submit a revision therof within such time as he may designate, but no less than ten days. During such designated time, the Commissioner and the Facility shall consult regarding any such disapproved rule or regulation. If the Facility fails to submit a proposed rule or regulation, or revision thereof, within the designated time, or if a revised rule or regulation is unacceptable to the Commissioner, the Commissioner may make such rules and regulations covering the proposed general subject matter as he shall deem necessary to carry out the purposes of this title. Any rule or regulation adopted or made under this section shall be consistent with the requirements of part A of title X II of the National Housing Act. JOINT UNDERWRITING

ASSOCIATION

SEC. 1206. (a) The Commissioner i.s authorized to establish by order a joint underwriting association if he finds, after notice and hearing, that such association is necessary to carry out the purposes of this title. Such joint underwriting association.shall consist of all insurers licensed to write and engaged in writing in the District of Columbia, on a direct basis, such basic property insurance as may be designated by the Commissioner or any component thereof in multiperil policies.

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