The plan of operation must:
(1) provide for a nonprofit association to issue residential property insurance and, if applicable, property owners' association insurance under this chapter and distribute the losses and expenses in writing that insurance in this state;
(2) provide that all insurers that write residential property insurance shall participate in the association in accordance with Sections 2211.101(b) and (c);
(3) provide that a participating insurer is entitled to receive credit in accordance with Section 2211.101(d);
(4) provide for the immediate binding of eligible risks;
(5) provide for the use of premium installment payment plans, adequate marketing, and service facilities;
(6) provide for the establishment of reasonable service standards;
(7) provide procedures for efficient, economical, fair, and nondiscriminatory administration of the association;
(8) provide procedures for determining the net level of participation required for each insurer in the association;
(9) provide for the use of deductibles and other underwriting devices;
(10) provide for assessment of all members in amounts sufficient to operate the association;
(11) establish maximum limits of liability to be placed through the program;
(12) establish commissions to be paid to the insurance agents submitting applications;
(13) provide that the association issue policies in the association's own name;
(14) provide reasonable underwriting standards for determining insurability of a risk;
(15) provide procedures for the association to assume and cede reinsurance; and
(16) provide any other procedure or operational matter the governing committee or the commissioner considers necessary.