58-29A-84. Required contents of plan of operation.
250 words·~1 min read·
/sd/title-58/chapter-58-29/58-29a-84·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The plan of operation shall:
(1)Establish the procedures whereby all the powers and duties of the association under §§ 58-29A-60 , 58-29A-68 to 58-29A-73 , inclusive, and §§ 58-29A-75 to 58-29A-82 , inclusive, will be performed;
(2)Establish procedures for handling assets of the association;
(3)Establish the amount and method of reimbursing members of the board of directors under § 58-29A-59 ;
(4)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;
(5)Establish regular places and times for meetings of the board of directors;
(6)Establish procedures for records to be kept of all financial transactions of the association, its agents, and the board of directors;
(7)Provide that any member insurer aggrieved by any final action or decision of the association may appeal to the director within thirty days after the action or decision;
(8)Establish the procedures whereby selections for the board of directors will be submitted to the director;
(9)Establish procedures for the disposition of liquidating dividends or other moneys received from the estate of the insolvent insurer;
(10)Contain additional provisions necessary or proper for the execution of the powers and duties of the association.