INDIANA BASIC PROPERTY INSURANCE UNDERWRITING ASSOCIATION

Member Login

Username:


Password:

Member Fequently Asked Questions

1.      Who is eligible to become a member of the FAIR Plan?
 
As stated in the By-laws, “Any insurance company or other organization licensed to write and engaged in writing property insurance (including the property insurance components of multi-peril policies) on a direct basis in the State of Indiana may become a member of the Association by applying to the Association for membership.” 
 
2.      How do you become a member of the FAIR Plan?
 
A signed letter from an officer of the member insurer requesting membership (for each NAIC#) in the FAIR Plan is required. The FAIR Plan Accounting Department will notify the member the effective date of their membership.
 
3.      What are Member Participation Reports and how often are they distributed?
 
Members Participation reports show each member’s share of habitational and commercial participation percentages based upon pro rata premiums.  These reports are currently mailed around April 15 each year. 
 
Beginning in 2011, Member Participation Reports will be posted to each member's account on the website and will NOT be mailed. 
 
4.      How does the FAIR Plan determine each member company’s premium data?
 
Each member completes a one page Insurer’s Report with the premiums for each of the indicated lines. These are due back to the FAIR Plan's offices by July 1 each year.
 
             Through 2010 the Insurer's Report form will be mailed to each member insurer.
 
             Beginning in 2011, a blank Insurer's Report will be posted to the website and will NOT be mailed. 
 
5.      How do you change the contact information for my company?
 
Contact us via email to change contact information. Note that we only have one contact for each member, thus, that contact will receive all mailings from the FAIR Plan.
 
6.      What is the typical timing of the FAIR Plan mailings?
 
Member Participation Reports, K-1’s and blank Insurer’s Reports are mailed in mid April each year. 
Beginning in 2011 each of these documents will be posted to the website and will NOT be mailed. 
 
The audited financial statements were previouly mailed in June BUT beginning in 2011, 
they will be posted to the website and will NOT be mailed. . 
 
Information and proxies are mailed to all member companies before the April annual meeting. 
 
Assessment invoices are mailed after the Governing Committee authorizes an assessment.
 
7.      How are member insurers notified of an assessment?
 
Assessment invoices are mailed to each member.  A notification will also be put in the member Announcements section of the website. Copies of the invoices will be posted to each member’s account on the website.
 
8.      How often are members assessed and when are payments due?
 
The FAIR Plan monitors cash balances, reserves and expenses. Assessments are authorized by the Governing Committee on an as needed basis. The last assessment was authorized in February 2007. Members have 30 days to pay their assessment.
 
9.      How do you terminate membership in the FAIR Plan?
 
Per the Plan of Operations (Section IV(2)), membership terminates when the member is no longer licensed to write basic property insurance in Indiana or upon written notice (a signed letter from an officer) to the FAIR Plan. The member is still responsible for all liabilities, including assessments, losses, obligations or contracts incurred or issued under the Plan, during the time that they were a member.