31A-28-209. Plan of operation.
(1) The association shall submit to the commissioner a plan of operation and any amendments necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and amendments described in Subsectionare effective upon approval in writing by the commissioner. (1)(a) Any amendments made under this section after July 1, 1986, shall be made within 180 days of the changed circumstance.
(2) The plan of operation shall continue in force until: modified by the commissioner; or superseded by a plan: submitted by the association; and approved by the commissioner.
(3) All member insurers shall comply with the plan of operation.
(4) The plan of operation shall, in addition to requirements enumerated elsewhere in this part: establish procedures for handling the assets of the association; establish the amount and method of reimbursing members of the board of directors under Section; 31A-28-206 establish regular places and times for meetings of the board of directors; establish procedures for records to be kept of all financial transactions of the association, the association's agents, and the board of directors; establish the procedures on how selections for the board of directors shall be made and submitted to the commissioner; establish a procedure for the disposition of dividends or distributions from the estate of the insolvent insurer; establish any additional procedures for assessments under Section; and 31A-28-208 contain any additional provisions that are necessary or proper for the execution of the powers and duties of the association.
(5) The plan of operation may provide that any or all of the powers and duties of the association, except those under Sectionsand, are delegated to one of the following that performs functions similar to the association: 31A-28-207 31A-28-208 a corporation; an association; or organization other than one described in Subsectionsand. (5)(a)(i) (ii) A corporation, association, or organization described in Subsectionshall: (5)(a) be reimbursed for any payments made on behalf of the association; and be paid for its performance of any function of the association. A delegation under this Subsectiontakes effect only with the approval of: (5) the board of directors; and the commissioner.