Nevada Revised Statutes 687A.070 – Plan of operation: Submission; amendments; approval by Commissioner; compliance; contents; delegation of duties or powers
1. 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 become effective upon approval in writing by the Commissioner. If the Association fails to submit suitable amendments to the plan as needed, the Commissioner shall adopt reasonable regulations necessary or advisable to effectuate the provisions of this chapter. The regulations continue in force until modified by the Commissioner or superseded by a plan, or by amendments to a plan, which are submitted by the Association and approved by the Commissioner.
Terms Used In Nevada Revised Statutes 687A.070
- 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
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. The Association and all member insurers shall comply with the plan of operation.
3. The plan of operation must:
(a) Establish the procedures for performance of all the duties and powers of the Association under NRS 687A.060.
(b) Establish procedures for managing assets of the Association.
(c) Mandate that the Association establish procedures to designate the amount and method of reimbursing members of the Board of Directors under NRS 687A.050.
(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 those claims must 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) Mandate that the Association establish procedures for keeping records of all financial transactions of the Association, its agent 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 30 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 paragraph (d) of subsection 1 and paragraph (c) of subsection 2 of NRS 687A.060, are delegated to a person who performs or will perform functions similar to those of this Association in two or more states. This person must be reimbursed as a servicing facility and must be paid for performance of any other functions of the Association. A delegation under this subsection takes effect only with the approval of both the Board of Directors and the Commissioner, and may be made only to a person who extends protection not substantially less favorable and effective than that provided by this chapter.