Insurers doing business in this state are authorized to prepare voluntary risk sharing or market assistance plans providing any specific kind, line or class of insurance coverage, or subdivision or combination of any specific kind, line or class of insurance coverage, for all or any part of the state in which the insurance is not readily available in the voluntary market and that the public interest requires to be available. Voluntary risk sharing or market assistance plans shall be submitted to the commissioner and may be put into operation only with the commissioner’s approval. If the commissioner finds that a voluntary risk sharing or market assistance plan would sufficiently provide essential insurance coverage, the commissioner may authorize formulation of the plans in lieu of establishing the association.