What is the main goal of the Fair Access to Insurance Requirements under NCJUA?

The Fair Access to Insurance Requirements (FAIR) under the North Carolina Joint Underwriting Association (NCJUA) is specifically designed to ensure that basic property insurance is available to individuals and businesses who might otherwise struggle to obtain insurance coverage in the traditional market. This framework addresses the needs of those at higher risk, such as homeowners in areas prone to natural disasters or those with challenging property conditions.

This program is critical because it prevents the exclusion of these applicants from the insurance market, ensuring that they can still obtain necessary coverage. The availability of basic property insurance contributes to community stability and allows property owners to protect their investments. Ultimately, the main goal is to promote equitable access to essential insurance products, thereby serving the public interest.

While regulating insurance premiums and providing discounts for safe drivers are important aspects of insurance regulation, they do not specifically relate to the aim of the FAIR Act. Similarly, while awarding grants for high-risk properties might seem like a supportive measure, it does not align with the fundamental objective of ensuring basic insurance availability, which is the focus of the FAIR program.