US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 36
                        INSURANCE GUARANTY ASSOCIATION
    41-3609.  PLAN OF OPERATION -- APPROVAL -- ADOPTION OF INTERIM RULES BY
DIRECTOR -- CONTENTS OF PLAN -- DELEGATION OF POWERS AND DUTIES --
REIMBURSEMENT OF DELEGATE CORPORATION OR ORGANIZATION.
    (1) (a) 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 approval
    in writing by the director.
    (b)  If the association fails to submit a suitable plan of operation
    within ninety (90) days following May 6, 1970 or if at any time thereafter
    the association fails to submit suitable amendments to the plan, the
    director shall, after notice and hearing, adopt and promulgate such
    reasonable rules as are necessary or advisable to effectuate the
    provisions of this act. Such rules shall continue in force until modified
    by the director or superseded by a plan submitted by the association and
    approved by the director.
    (2)  All member insurers shall comply with the plan of operation.
    (3)  The plan of operation shall:
    (a)  Establish the procedures whereby all the powers and duties of the
    association under section 41-3608, Idaho Code, will be performed.
    (b)  Establish procedures for handling assets of the association.
    (c)  Establish procedures for the disposition of liquidating dividends or
    other moneys received from the estate of the insolvent insurer.
    (d)  Establish the amount and method of reimbursing members of the board
    of directors under section 41-3607, Idaho Code.
    (e)  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.
    (f)  Establish regular places and times for meetings of the board of
    directors.
    (g)  Establish procedures for records to be kept of all financial
    transactions of the association, its agents, and the board of directors.
    (h)  Provide that any member insurer aggrieved by any final action or
    decision of the association may appeal to the director within thirty (30)
    days after the action or decision.
    (i)  Establish the procedures whereby selections for the board of
    directors will be submitted to the director.
    (j)  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 sections 41-3608(1)(d) and
41-3608(2)(b), 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 as a servicing
facility would be reimbursed and shall be paid for its performance of any
other functions 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 act.