The requirements in subparagraph (1) and subparagraph (2) must be set forth in any policy issued by the association and the form and content of any such policy are subject to the approval of the superintendent.

C.__The association is authorized to assume and cede reinsurance in conformity with the plan of operation.

D.__Each insurer must participate in the writings, expenses, profits and losses of the association in the proportion that its net direct premiums written bear to the aggregate net direct premiums written by all insurers.

6.__Property inspection; FAIR Plan procedure.__The following provisions govern property inspection and FAIR Plan procedure.

A.__Any person having an insurable interest in real or tangible personal property at a fixed location in an underserved area who, after diligent effort, has been unable to obtain residential property insurance, as evidenced by 2 current declinations from insurers actually writing residential property insurance in the State, is entitled upon application to the association to an inspection and evaluation of the property by representatives of the inspection bureau.

B.__An application may be made on behalf of the applicant by a licensed producer and must be submitted on a form prescribed by the association.

C.__Promptly after the request for inspection is received, an inspection must be made and an inspection report filed with the association and made available to the applicant upon request.

D.__If the inspection bureau finds that the residential property meets the reasonable underwriting standards established in the plan of operation, the applicant must be so informed in writing and a policy or binder must be issued by the association.__If the residential property does not meet the criteria, the applicant must be informed, in writing, of the reasons for the failure of the residential property to meet the criteria.

E.__If, at any time, the applicant makes improvements in the residential property or its condition that the applicant