TITLE 41

INSURANCE

CHAPTER 43

IDAHO LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION ACT

41-4310.  plan of operation. (1) The association shall submit to the director a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments thereto shall become effective upon the director’s written approval or unless it has not been disapproved within thirty (30) days.

(2)  All member insurers shall comply with the plan of operation.

(3)  The plan of operation shall, in addition to requirements enumerated elsewhere in this chapter:

(a)  Establish procedures for handling the assets of the association;

(b)  Establish the amount and method of reimbursing members of the board of directors under section 41-4307, Idaho Code;

(c)  Establish regular places and times for meetings including telephone conference calls of the board of directors;

(d)  Establish procedures for records to be kept of all financial transactions of the association, its agents and the board of directors;

(e)  Establish the procedures whereby selections for the board of directors will be made and submitted to the director;

(f)  Establish any additional procedures for assessments under section 41-4309, Idaho Code; and

(g)  Contain additional provisions necessary or proper for the execution of the powers and duties of the association.

(4)  The plan of operation may provide that any or all powers and duties of the association, except those under section 41-4308(12)(c), Idaho Code, and section 41-4309, Idaho Code, are delegated to a corporation, association or other organization which performs or will perform functions similar to those of this association, or its equivalent, in two (2) or more states. Such a corporation, association or organization shall be reimbursed for any payments made on behalf of the association and shall be paid for its performance of any function of the association. A delegation under this subsection shall take effect only with the approval of both the board of directors and the director, and may be made only to a corporation, association or organization which extends protection not substantially less favorable and effective than that provided by this chapter.

History:

[41-4310, added 2011, ch. 196, sec. 2, p. 573.]