2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 508D - MULTISTATE LIFE AND HEALTH INSURANCE RESOLUTION FACILITY
508D.7 - PLAN OF OPERATION.

        508D.7  PLAN OF OPERATION.
         1.  The facility shall submit to the oversight organization a plan
      of operation and any amendments to the plan of operation necessary or
      suitable to assure the fair, reasonable, and equitable administration
      of the facility's business.  The plan of operation and any amendments
      to the plan are effective upon the oversight organization's written
      approval.
         2.  The plan of operation, in addition to other requirements
      established in this chapter, shall establish all of the following:
         a.  Procedures for administering the assets under the control
      of the facility.
         b.  Regular places and times for meetings of the board of
      directors.
         c.  Procedures for records to be kept of all financial
      transactions engaged in by the facility, the agents of the facility,
      and the board of directors.
         d.  Procedures for selecting the board of directors and
      submitting the selections to the oversight organization.
         e.  Procedures for permitting life and health insurance
      guaranty associations to become members of the facility.
         f.  Procedures for the assumption of the insurance business or
      the assignment of the insurance business to the facility by member
      guaranty associations.
         g.  Procedures for determining and making assessments against
      member guaranty associations by the board of directors.
         h.  Additional provisions necessary and proper for the
      execution of the powers and duties of the facility.
         i.  A description of staffing requirements and qualifications
      for positions within the facility.
         3.  The plan of operation may provide that any powers and duties
      of the facility, except the power to borrow money and the power to
      make assessments, may be delegated to a corporation, association, or
      other organization or individual which performs or will perform those
      functions.  Such corporation, association, or other organization or
      individual shall be reimbursed for any payments made on behalf of the
      facility and shall be compensated for the performance of any
      permissible function, as directed by the facility.  A delegation of
      any power or duty pursuant to this subsection takes effect only with
      the approval of the board of directors.  

         94 Acts, ch 1011, §7
         Referred to in § 508D.4, 508D.5