Who funds the North Carolina Joint Underwriting Association and Insurance Underwriting Association?
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Neither association is funded by general state tax dollars. Both are made up of the insurers licensed to write property insurance in North Carolina. The NCJUA (FAIR Plan) and the NCIUA (Coastal Property Insurance Pool) are funded primarily by their policyholders' premiums and reinsurance. If losses exceed their resources, the shortfall may be covered by assessments on member insurers, and for the coastal pool, by catastrophe recovery charges on property insurance policyholders statewide. Compare private-market, specialty-market, and residual-market options with a licensed insurance agent.