A. A residual market facility shall be established and maintained by all insurers licensed to write basic property insurance or other insurance containing a basic property insurance component. The plan of operation of the residual market facility shall be subject to approval by the Commission.
B. The residual market facility shall be governed by a board of fifteen directors. Four directors shall be appointed by the Commissioner, two of whom shall be property and casualty insurance agents and two of whom shall be from the general public.
1. Employ or retain persons necessary to perform the duties of the residual market facility;
2. Acquire, hold, and dispose of real and personal property, or any interest in real and personal property;
3. Borrow funds necessary to effect the purposes of this chapter in accord with the plan of operation;
4. Negotiate and become a party to those contracts necessary to carry out the purposes of this chapter;
5. Indemnify any director or member of its governing body, officer, employee, or agent in the manner permitted by and subject to the limitations contained in Article 9 (§ 13.1-875 et seq.) of Chapter 10 of Title 13.1; and provide any other or further indemnity to any such person that may be authorized by the plan of operation except an indemnity against his gross negligence or willful misconduct, and purchase and maintain insurance in the manner permitted by § 13.1-882; and
6. Perform any other acts necessary or proper to carry out the purposes of this chapter.
D. The residual market facility shall not be deemed to be an insurer within the provisions of § 38.2-100.