In this subtitle the following words have the meanings indicated. “Association” means the Joint Insurance Association. “Association member” means an insurer that is licensed to write in the State, on a direct basis, essential property insurance or a component of essential property insurance in multi-peril policies. “Essential property insurance” means insurance against direct loss to property from the perils of fire, lightning, removal, explosion, windstorm, hail, smoke, aircraft, vehicles, riot, civil commotion, or vandalism as defined and limited in property insurance forms that the Association files with the Commissioner. “Essential property insurance” does not include: motor vehicle insurance; inland marine insurance; or insurance on property that: is used for fabrication, processing, or assembly of products or components of products; has an insurable value in excess of $250,000; and is used in a business that employs at least 25 individuals. “Homeowner’s insurance” means insurance for residential property that provides a combination of coverages including: fire; extended coverage; vandalism and malicious mischief; burglary; theft; and personal liability. “Premiums written” means, as computed by the Association, gross direct premiums charged during the second preceding calendar year with respect to property in the State on all policies of essential property insurance and the essential property insurance components of multi-peril policies, less return premiums, dividends paid or credited to policyholders, or the unused or unabsorbed parts of premium deposits. “Premiums written” does not include premiums or parts of premiums relating to risks ceded to the Association.