2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515B - INSURANCE GUARANTY ASSOCIATION
515B.6 - PLAN OF OPERATION.

        515B.6  PLAN OF OPERATION.
         1.  The association shall submit a plan of operation to the
      commissioner, together with any amendments necessary or suitable to
      assure the fair, reasonable, and equitable administration of the
      association.  The plan of operation and any amendments shall become
      effective upon approval in writing by the commissioner.
         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 association fails to submit suitable
      amendments to the plan, the commissioner shall, after notice and
      opportunity for hearing, adopt and promulgate reasonable rules
      necessary or advisable to effectuate the provisions of this chapter.
      Such rules shall continue in force until modified by the commissioner
      or superseded by a plan submitted by the association and approved by
      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.  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 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.
         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.  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 subsection 2, paragraph "c",
      are delegated to a person which performs or will perform functions
      similar to those of this association in two or more states.  Such
      person shall be reimbursed as a servicing facility and shall be paid
      for 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 commissioner, and may
      be made only to a person which extends protection not substantially
      less favorable and effective than that provided by this chapter.  

         [C71, 73, 75, 77, 79, 81, § 515B.6]
         Referred to in § 515B.3