The governing committee shall, pursuant to the provisions of this Part and the plan, and with respect to essential property insurance on insurable property, have the power on behalf of the participants:
(1) To cause to be issued policies of insurance having inception dates of and prior to December 31, 2003, to applicants.
(2) To assume reinsurance from the participants.
(3) To cede reinsurance to the participants and to purchase reinsurance on behalf of the participants.
(4) To service or cause to be serviced all policies issued having inception dates on or prior to December 31, 2003, and after all claims arising under said policies have been resolved and the business of the Louisiana Joint Reinsurance Plan (FAIR Plan) with respect to such policies has been concluded, to notify the commissioner of insurance, and thereafter dissolve as a committee.