(1)__For the issuing of residential property insurance pursuant to this section and the distribution of the losses and the expenses in the writing of such insurance in this State;

(2)__That all insurers writing residential property insurance shall participate in the writings, expenses, profits and losses of the association, in the proportion that the net direct premiums of each participating insurer written in this State during the preceding calendar year bear to the aggregate net direct premium written in this State by all participating insurers. This information must be determined in accordance with a residential property statistical plan adopted by the superintendent;

(3)__That a participating insurer is entitled to receive credit for similar insurance voluntarily written in a designated underserved area and its participation in the writings in the association must be reduced in accordance with the provisions of the plan of operation;

(4)__For the immediate binding of eligible risks; for the use of premium installment payment plans, adequate marketing and service facilities; and for the establishment of reasonable service standards;

(5)__Procedures for efficient, economical, fair and nondiscriminatory administration of the FAIR Plan Association;

(6)__Procedures for determining the net level of participation required for each insurer in the FAIR Plan Association;

(7)__For the use of deductibles and other underwriting devices and for assessment of all participating insurers in amounts sufficient to operate the association; the establishment of maximum limits of liability to be placed through the association; and commissions to be paid to the licensed agents submitting applications;

(8)__That the association issue policies in its own name;