[J012]

joint underwriting associations (plans) (JUA)

An association of insurance companies formed with statutory approval for the express purpose of providing certain insurance to the public. JUAs are usually formed because the voluntary market is unwilling to write coverage. Regulators usually allow JUAs to establish their own rates and policy forms. They may cease when the voluntary market becomes available for that line of business.

Copyright: The Rough Notes Company, Inc., 1998, All Rights Reserved. 3040100