(a) A cooperative insurer organized under AS 21.75.300 is authorized to transact only property insurance, limited to physical damage of
(1) licensed private passenger motor vehicles;
(2) single-family residences, and related structures;
(3) multiple dwellings of not more than four-family units if at least one unit is owner-occupied, and related structures;
(4) mobile homes;
(5) commercial structures of not more than $100,000 value.
(b) Cooperative insurance coverage is limited to risks located or principally garaged within a geographic radius determined by the director to be within the ability of the insureds to control and have an influence over the level of loss.