Iowa Code 515B.6 – Plan of operation
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Terms Used In Iowa Code 515B.6
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
515B.6 Plan of operation.
1. a. The association shall submit a plan of operation to the commissioner, together
with any amendments necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments shall become effective upon approval in writing by the commissioner.
b. If the association fails to submit a suitable plan of operation within ninety days following the effective date of this chapter or if at any time thereafter the association fails to submit suitable amendments to the plan, the commissioner shall, after notice and opportunity for hearing, adopt and promulgate reasonable rules necessary or advisable to effectuate the provisions of this chapter. Such rules shall continue in force until modified by the commissioner or superseded by a plan submitted by the association and approved by the commissioner.
2. All member insurers shall comply with the plan of operation.
3. The plan of operation shall:
a. Establish the procedures for performance of all the duties and powers of the association under § 515B.5.
b. Establish procedures for managing assets of the association.
c. Establish the amount and method of reimbursing members of the board of directors under § 515B.4.
d. Establish procedures by which claims may be filed with the association and establish acceptable forms of proof of covered claims. Notice of claims to the receiver or liquidator of the insolvent insurer shall be deemed notice to the association or its agent and a list of such claims shall be periodically submitted to the association or similar organization in another state by the receiver or liquidator.
e. Establish regular places and times for meetings of the board of directors.
f. Establish procedures for keeping records of all financial transactions of the association, its agents, and the board of directors.
g. Provide that any member insurer aggrieved by any final action or decision of the association may appeal to the commissioner within thirty days after the action or decision.
h. Establish procedures for submission to the commissioner of selections for the board of directors.
i. Contain additional provisions necessary or proper for the execution of the duties and powers of the association.
4. The plan of operation may provide that any or all duties and powers of the association, except those under section 515B.5, subsection 1, paragraph “”c””, and section 515B.5, subsection 2, paragraph “”c””, are delegated to a person which performs or will perform functions similar to those of this association in two or more states. Such person shall be reimbursed as a servicing facility and shall be paid for performance of any other functions of the association. A delegation under this subsection shall take effect only with the approval of both the board of directors and the commissioner, and may be made only to a person which extends protection not substantially less favorable and effective than that provided by this chapter.
[C71, 73, 75, 77, 79, 81, §515B.6]
2012 Acts, ch 1023, §157
Referred to in §515B.3
1. a. The association shall submit a plan of operation to the commissioner, together
with any amendments necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments shall become effective upon approval in writing by the commissioner.
b. If the association fails to submit a suitable plan of operation within ninety days following the effective date of this chapter or if at any time thereafter the association fails to submit suitable amendments to the plan, the commissioner shall, after notice and opportunity for hearing, adopt and promulgate reasonable rules necessary or advisable to effectuate the provisions of this chapter. Such rules shall continue in force until modified by the commissioner or superseded by a plan submitted by the association and approved by the commissioner.
2. All member insurers shall comply with the plan of operation.
3. The plan of operation shall:
a. Establish the procedures for performance of all the duties and powers of the association under § 515B.5.
b. Establish procedures for managing assets of the association.
c. Establish the amount and method of reimbursing members of the board of directors under § 515B.4.
d. Establish procedures by which claims may be filed with the association and establish acceptable forms of proof of covered claims. Notice of claims to the receiver or liquidator of the insolvent insurer shall be deemed notice to the association or its agent and a list of such claims shall be periodically submitted to the association or similar organization in another state by the receiver or liquidator.
e. Establish regular places and times for meetings of the board of directors.
f. Establish procedures for keeping records of all financial transactions of the association, its agents, and the board of directors.
g. Provide that any member insurer aggrieved by any final action or decision of the association may appeal to the commissioner within thirty days after the action or decision.
h. Establish procedures for submission to the commissioner of selections for the board of directors.
i. Contain additional provisions necessary or proper for the execution of the duties and powers of the association.
4. The plan of operation may provide that any or all duties and powers of the association, except those under section 515B.5, subsection 1, paragraph “”c””, and section 515B.5, subsection 2, paragraph “”c””, are delegated to a person which performs or will perform functions similar to those of this association in two or more states. Such person shall be reimbursed as a servicing facility and shall be paid for performance of any other functions of the association. A delegation under this subsection shall take effect only with the approval of both the board of directors and the commissioner, and may be made only to a person which extends protection not substantially less favorable and effective than that provided by this chapter.
[C71, 73, 75, 77, 79, 81, §515B.6]
2012 Acts, ch 1023, §157
Referred to in §515B.3