(a) The commissioner may establish a Fair Access to Insurance Requirements Plan to deliver residential property insurance to residents of this state in underserved areas if the commissioner determines, after a public hearing, that:
(1) in all or any part of the state, residential property insurance is not reasonably available in the voluntary market to a substantial number of insurable risks; or
(2) at least 25 percent of the applicants to the residential property market assistance program who are qualified under that program’s plan of operation have not been placed with an insurer in the preceding six months.
(b) The commissioner may include in the plan established under Subsection (a) the delivery of property owners’ association insurance in underserved areas as provided by § 2211.1515 if the commissioner determines, after notice and a hearing, that in all or any part of the area designated under § 2211.1515(a), property owners’ association insurance is not reasonably available in the voluntary market to a substantial number of insurable risks.