(a) The association shall submit to the director a plan of operation and any amendments to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments take effect on the written approval of the plan by the director or 30 days after receipt by the director if not disapproved by the director.
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Terms Used In Alaska Statutes 21.79.080

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(b) If the association fails to submit suitable amendments to the plan, the director shall, after notice and hearing, adopt regulations to implement this chapter. These regulations remain in effect until amended or repealed by the director.
(c) A member insurer shall comply with the plan of operation. The plan of operation must

(1) establish procedures for handling assets of the association;
(2) establish the amount and method of reimbursing members of the board under Alaska Stat. § 21.79.050(c);
(3) establish regular places and times for meetings of the board in the state; the board may conduct meetings telephonically;
(4) establish procedures for keeping records of all financial transactions of the association, its agents, and the board;
(5) establish terms of office for members of the board, and establish procedures for the selection of the members of the board and for the director’s approval of the members selected;
(6) establish additional procedures for assessments under Alaska Stat. § 21.79.070;
(7) establish procedures for removing a member of the board for cause, including procedures for removing a member of the board who becomes an impaired or insolvent insurer;
(8) establish policy and procedures for addressing conflicts of interest; and
(9) contain additional provisions necessary or proper for the association to exercise its powers and duties.
(d) The plan of operation may delegate the powers and duties of the association, other than those under Alaska Stat. § 21.79.060 (l)(3) and 21.79.070, to a corporation or other organization performing functions similar to those of the association, or its equivalent, in two or more states. The association shall reimburse the corporation or organization for a payment made for the association and for performing a function of the association. A delegation under this subsection takes effect only with the approval of the board and the director.
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