This bill establishes a plan to provide homeowners insurance coverage for individuals who are unable to obtain it through traditional means, particularly those affected by flooding risks. The Commissioner of Banking and Insurance is tasked with creating rules and regulations for this plan, which mandates participation from all insurers licensed to operate in New Jersey. The governing board of the plan will have administrative authority to handle complaints and appeals, with oversight from the commissioner, whose decisions will be final and subject to review by the Superior Court.

The plan must include a rating system that ensures fair and adequate rates for coverage, sufficient to cover expenses and losses, and a limited assignment distribution system for transferring applicants and insureds between insurers. Additionally, the plan cannot be subsidized by external sources. Before any rules or regulations are adopted or amended, the commissioner must consult with insurance industry members. The governing body of the plan is also required to provide an annual report to the Legislature and the Governor, including an actuarial analysis of the plan's financial soundness.