§ 515b-6

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 equitableadministration of the association. The plan of operation and any amendments shall becomeeffective 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 associationfails to submit suitable amendments to the plan, the commissioner shall, after notice andopportunity for hearing, adopt and promulgate reasonable rules necessary or advisable toeffectuate the provisions of this chapter. Such rules shall continue in force until modifiedby the commissioner or superseded by a plan submitted by the association and approvedby the commissioner. 2.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 section 515B.5. b. Establish procedures for managing assets of the association.c.

of operation shall:a. Establish the procedures for performance of all the duties and powers of the association under section 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 section 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 ofthe insolvent insurer shall be deemed notice to the association or its agent and a list of suchclaims shall be periodically submitted to the association or similar organization in anotherstate 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.

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 performfunctions similar to those of this association in two or more states. Such person shall bereimbursed as a servicing facility and shall be paid for performance of any other functions ofthe association. A delegation under this subsection shall take effect only with the approvalof both the board of directors and the commissioner, and may be made only to a personwhich extends protection not substantially less favorable and effective than that providedby this chapter. [C71, 73, 75, 77, 79, 81, §515B.6]2012 Acts, ch 1023, §157Referred to in §515B.3 Sat Dec 23 00:48:13 2023 Iowa Code 2024, Section 515B.6 (17, 0)