RHODE ISLAND JOINT REINSURANCE ASSOCIATION

The Rhode Island Joint Reinsurance Association (RIJRA) also known as the Rhode Island FAIR Plan (Fair Access to Insurance Requirements) was founded by the Rhode Island Legislature in response to the Federal Urban Property Protection and Reinsurance Act of 1968. Our purpose is to provide basic property insurance on eligible property for applicants who have been unable to gain insurance through the voluntary market... FAIR Plans (now in operation in 28 States, the District of Columbia and Puerto Rico) are the outgrowth of the national emergency created by three years of rioting in American cities, beginning with the Watts outbreak in 1965. When the rioting of the 1960s suddenly mushroomed to disastrous proportions, the companies found themselves in the position of having to pay losses in excess of $100 million, on which they had collected no specific premium. Although the companies paid these losses, their capacity was severely taxed and their normal riot reinsurance market had dried..

Primary location: Boston United States