As used in this part 18, unless the context otherwise requires:

1. (1) Board means the board of directors of the FAIR plan association created in section 10-4-1805.
2. (2) Commercial property insurance means insurance against direct loss to commercial property, including buildings and building contents, resulting from the perils of fire, perils covered under extended coverage, vandalism, or malicious mischief. Commercial property insurance does not include commercial automobile insurance or farm risks.
3. (3) FAIR plan or plan means the fair access to insurance requirements plan established by the board pursuant to section 10-4-1806.
4. (4) FAIR plan association or association means the fair access to insurance requirements plan association created in section 10-4-1804.
5. (5) Member insurer means any admitted company that offers or sells any property insurance, including commercial property insurance.
6. (6) Property insurance means insurance against direct loss to residential property, including buildings and building contents, resulting from the perils of fire, perils covered under extended coverage, vandalism, or malicious mischief. Property insurance does not include automobile insurance or farm risks.

Source: L. 2023: Entire part added, (HB 23-1288), ch. 170, p. 831, § 1, effective August 7.