(1) promote the public welfare by establishing a mechanism to provide automobile insurance to those required to have such insurance,
(2) provide controls over such mechanism in order to lower expenses and prevent abuses,
(3) provide for competitive bidding of servicing carriers,
(4) provide controls over the application process to prevent fraud and inaccuracies as well as other improper practices.
(B) The provisions of this chapter must cease to be of any force or effect after February 28, 2003. In other words, the joint underwriting association cannot accept any business after February 28, 2003. However, any policy currently issued by or written through the joint underwriting association, pursuant to this chapter, on February 28, 2003 shall continue to be a valid contract of insurance until the end of the policy period unless canceled by the insurer or insured. Furthermore, the director of the Department of Insurance may promulgate regulations which he deems necessary to implement this transition including, but not limited to, the termination of the joint underwriting association and its wind-up period.