2005 Idaho Code - 41-4310 — PLAN OF OPERATION

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 43
                   IDAHO LIFE AND HEALTH INSURANCE GUARANTY
                               ASSOCIATION ACT
    41-4310.  PLAN OF OPERATION. (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 one hundred eighty (180) days following the effective date of this
    act 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    force until modified by the director or superseded by a plan submitted by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, in addition to requirements enumerated
elsewhere in this act:
    (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 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;
    (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 subsection (10)(c) of section 41-4308
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 act.