Florida Statutes 631.916 – Plan of operation
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Florida Statutes 631.916
- 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.
- Corporation: means the Florida Workers' Compensation Insurance Guaranty Association, Incorporated. See Florida Statutes 631.904
- 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
- writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01
The board of directors shall prepare and submit to the department a plan of operation and any amendments to the plan which are necessary or suitable to assure the fair, reasonable, and equitable administration of the corporation. The plan of operation and any amendments to the plan shall become effective unless disapproved in writing by the department within 30 days after receipt. If the corporation fails to submit a plan of operation within 90 days after the appointment of the new board, the department shall implement a plan of operation which will be effective until the board submits a plan of operation. The plan of operation prepared by the board is subject to periodic review by the department. All member insurers shall comply with the approved plan of operation. The plan of operation must, in addition to the requirements enumerated elsewhere in this part:
(1) Establish procedures for handling the assets of the corporation.
(2) Establish regular places and times for meetings of the board of directors.
(3) Establish procedures for keeping records of all financial transactions of the corporation, its agents, and the board of directors.
(4) Establish procedures for levying and collecting assessments and deficiency surcharges.
(5) Establish procedures to allow injured workers to make claims and to adjust and pay such claims.
(6) Establish additional provisions necessary or proper for executing the powers and duties of the association.