The Governing Committee shall adopt a program of operation in accordance with this subtitle. The program of operation shall provide for economical, fair, and nondiscriminatory administration and for the prompt and efficient delivery of essential property insurance and homeowner’s insurance to promote orderly community development. With the approval of the Commissioner, the Association may amend the program of operation. Association members shall vote on proposed amendments to the program of operation. Votes shall be cast and counted on a weighted basis in accordance with the premiums written by each Association member. An amendment to the program of operation is not effective until approved by a majority of the votes cast by Association members. The program of operation shall provide for: establishment of adequate service facilities and other necessary facilities; management of the Association; assessment of Association members to defray losses and expenses; commission arrangements; reasonable and objective underwriting standards; acceptance and cession of reinsurance; procedures to determine amounts of insurance to be provided; immediate binding of eligible risks; a premium installment plan; and notwithstanding Title 27, Subtitle 6 of this article, underwriting guidelines and procedures that allow the Association to shorten the cancellation period for policies of essential property insurance and homeowner’s insurance for certain conditions that are determined to exist. The program of operation shall provide that the Association may not appoint insurance producers to act on its behalf and shall do business directly with applicants or with licensed insurance producers that represent applicants. The program of operation shall establish: a maximum limit of liability of $1,500,000 on real or personal property composed of or contained in a single building; and appropriate sublimits of liability based on construction, protection, and class of occupancy. The program of operation shall implement procedures to make homeowner’s insurance coverage available through the Association. The homeowner’s insurance policies that the Association issues may be limited to basic market value, repair cost, or actual cash value contracts for owner-occupants of one- to four-family dwellings, as approved by the Commissioner. The homeowner’s insurance shall be implemented through a program that entitles eligible applicants to immediate binding of coverage through the Association for a reasonable period of time pending underwriting and inspection of the premises to determine whether the premises meet the eligibility standards of the program. The program of operation shall provide a method of recoupment by which Association members may recover losses and expenses that have been incurred by the Association and assessed to Association members. To recoup loss and expense assessments, the program of operation shall provide for: the calculation of the surcharge or rating factors to be added to direct premiums written for essential property insurance and homeowner’s insurance covering property located in the State; and an adjustment each year for over or under recoupment of assessment. The program of operation shall develop a participation credit for dwellings as an offset to Association member assessment for voluntary writings in those areas of the State with a significant proportion of essential property insurance policies or homeowner’s insurance policies issued by or for the Association. After consultation with the Governing Committee, the Commissioner shall determine whether an area has a significant proportion of Association policies.