(a) The commissioner by rule may designate an area as an underserved area for residential property insurance.
(b) In determining which areas to designate as underserved, the commissioner shall consider:
(1) whether residential property insurance is not reasonably available to a substantial number of owners of insurable property in the area;
(2) whether access to the full range of coverages and policy forms for residential property insurance does not reasonably exist; and
(3) any other relevant factor as determined by the commissioner.

(c) The commissioner shall determine which areas to designate as underserved under this section not less than once every six years.
(d) The commissioner shall conduct a study concerning the accuracy of current designations of underserved areas under this section for the purpose of increasing and improving access to insurance in those areas not less than once every six years.