Whatever's <i>FAIR</i>—Adequacy, Equity, and the Underwriting Prerogative in Property Insurance Markets

I. Introduction II. Availability Problems: A Preliminary Excursus … A. Price Controls … B. Selectivity and the Pragmatic Science … 1. The Limits of Classification … 2. Capacity: The Need for Spread … 3. Moral Hazard … 4. Implementing Selectivity: The "Organizational Filter" … C. Selectivity and Individual Perceptions III. The Programs: Antecedants, Implementation, and Administration … A. Underwriting Discretion and the Instinct toward Voluntarism … 1. Intermediate Mechanisms and the Traditions of Voluntarism … 2. Riots, Responsibility, and the Role of Industry … B. "Creative Federalism" Insurance Style … C. Who Governs: Authority, Accountability, and Control … 1. The Limited Lure of Riot Reinsurance … a. Funding the State Layer … b. Reaching the State Layer … c. Civil Disorder Loadings … 2. The Limits of Public Direction and Control … a. HUD Regulation … b. State Regulation … 3. Industry Hegemony and the Functional Orientation … a. "Markets of Last Resort" … b. "Incident to the Business" … c. Normalcy Versus Control … D. Dumping: The New Availability Problem … 1. The Royal Globe Decision … 2. The Annunzio Hearings and the Crime Insurance Precedent … 3. The FIA Reaction IV. Recasting the Debate: Some Cautions and a Modest Prescription … A. Limitations of the Antidiscrimination Sentiment … B. Recasting the Debate