(a) The Associationshall submit to the Commissioner a plan of operation and any amendment theretonecessary or suitable to assure the fair, reasonable, and equitableadministration of the Association. The plan of operation and any amendmentsthereto shall become effective upon approval in writing by the Commissioner.
If the Association fails tosubmit a suitable plan of operation within 90 days following June 25, 1971, orif at any time thereafter the Association fails to submit suitable amendmentsto the plan, the Commissioner shall, after notice and hearing, adopt andpromulgate such reasonable rules as are necessary or advisable to effectuatethe provisions of this Article. Such rules shall continue in force until modifiedby the Commissioner or superseded by a plan submitted by the Association andapproved by the Commissioner.
(b) All member insurersshall comply with the plan of operation.
(c) The plan ofoperation shall:
(1) Establish theprocedures whereby all the powers and duties of the Association under G.S. 58‑48‑35will be performed.
(2) Establish proceduresfor handling assets of the Association.
(3) Establish the amountand method of reimbursing members of the board of directors under G.S. 58‑48‑30.
(4) Establish proceduresby which claims may be filed with the Association and establish acceptableforms of proof of covered claims. Notice of claims to the receiver orliquidator of the insolvent insurer shall be deemed notice to the Associationor its agent and a list of such claims shall be periodically submitted to theAssociation or similar organization in another state by the receiver orliquidator.
(5) Establish regularplaces and times for meetings of the board of directors.
(6) Establish proceduresfor records to be kept of all financial transactions of the Association, itsagents, and the board of directors.
(7) Provide that anymember insurer aggrieved by any final action or decision of the Association mayappeal to the Commissioner within 30 days after the action or decision.
(8) Establish theprocedures whereby selections for the board of directors will be submitted tothe Commissioner.
(9) Contain additionalprovisions necessary or proper for the execution of the powers and duties ofthe Association.
(d) The plan ofoperation may provide that any or all powers and duties of the Association,except those under G.S. 58‑48‑35(a)(3) and G.S. 58‑48‑35(b)(2),are delegated to a corporation, association, or other organization whichperforms or will perform functions similar to those of this Association, or itsequivalent, in two or more states. Such a corporation, association ororganization shall be reimbursed as a servicing facility would be reimbursedand shall be paid for its performance of any other functions of theAssociation. A delegation under this subsection shall take effect only withthe approval of both the board of directors and the Commissioner, and may bemade only to a corporation, association, or organization which extendsprotection not substantially less favorable and effective than that provided bythis Article. (1971, c. 670, s. 1; 1973, c. 1446, s. 2.)
(a) The Associationshall submit to the Commissioner a plan of operation and any amendment theretonecessary or suitable to assure the fair, reasonable, and equitableadministration of the Association. The plan of operation and any amendmentsthereto shall become effective upon approval in writing by the Commissioner.
If the Association fails tosubmit a suitable plan of operation within 90 days following June 25, 1971, orif at any time thereafter the Association fails to submit suitable amendmentsto the plan, the Commissioner shall, after notice and hearing, adopt andpromulgate such reasonable rules as are necessary or advisable to effectuatethe provisions of this Article. Such rules shall continue in force until modifiedby the Commissioner or superseded by a plan submitted by the Association andapproved by the Commissioner.
(b) All member insurersshall comply with the plan of operation.
(c) The plan ofoperation shall:
(1) Establish theprocedures whereby all the powers and duties of the Association under G.S. 58‑48‑35will be performed.
(2) Establish proceduresfor handling assets of the Association.
(3) Establish the amountand method of reimbursing members of the board of directors under G.S. 58‑48‑30.
(4) Establish proceduresby which claims may be filed with the Association and establish acceptableforms of proof of covered claims. Notice of claims to the receiver orliquidator of the insolvent insurer shall be deemed notice to the Associationor its agent and a list of such claims shall be periodically submitted to theAssociation or similar organization in another state by the receiver orliquidator.
(5) Establish regularplaces and times for meetings of the board of directors.
(6) Establish proceduresfor records to be kept of all financial transactions of the Association, itsagents, and the board of directors.
(7) Provide that anymember insurer aggrieved by any final action or decision of the Association mayappeal to the Commissioner within 30 days after the action or decision.
(8) Establish theprocedures whereby selections for the board of directors will be submitted tothe Commissioner.
(9) Contain additionalprovisions necessary or proper for the execution of the powers and duties ofthe Association.
(d) The plan ofoperation may provide that any or all powers and duties of the Association,except those under G.S. 58‑48‑35(a)(3) and G.S. 58‑48‑35(b)(2),are delegated to a corporation, association, or other organization whichperforms or will perform functions similar to those of this Association, or itsequivalent, in two or more states. Such a corporation, association ororganization shall be reimbursed as a servicing facility would be reimbursedand shall be paid for its performance of any other functions of theAssociation. A delegation under this subsection shall take effect only withthe approval of both the board of directors and the Commissioner, and may bemade only to a corporation, association, or organization which extendsprotection not substantially less favorable and effective than that provided bythis Article. (1971, c. 670, s. 1; 1973, c. 1446, s. 2.)
(a) The Associationshall submit to the Commissioner a plan of operation and any amendment theretonecessary or suitable to assure the fair, reasonable, and equitableadministration of the Association. The plan of operation and any amendmentsthereto shall become effective upon approval in writing by the Commissioner.
If the Association fails tosubmit a suitable plan of operation within 90 days following June 25, 1971, orif at any time thereafter the Association fails to submit suitable amendmentsto the plan, the Commissioner shall, after notice and hearing, adopt andpromulgate such reasonable rules as are necessary or advisable to effectuatethe provisions of this Article. Such rules shall continue in force until modifiedby the Commissioner or superseded by a plan submitted by the Association andapproved by the Commissioner.
(b) All member insurersshall comply with the plan of operation.
(c) The plan ofoperation shall:
(1) Establish theprocedures whereby all the powers and duties of the Association under G.S. 58‑48‑35will be performed.
(2) Establish proceduresfor handling assets of the Association.
(3) Establish the amountand method of reimbursing members of the board of directors under G.S. 58‑48‑30.
(4) Establish proceduresby which claims may be filed with the Association and establish acceptableforms of proof of covered claims. Notice of claims to the receiver orliquidator of the insolvent insurer shall be deemed notice to the Associationor its agent and a list of such claims shall be periodically submitted to theAssociation or similar organization in another state by the receiver orliquidator.
(5) Establish regularplaces and times for meetings of the board of directors.
(6) Establish proceduresfor records to be kept of all financial transactions of the Association, itsagents, and the board of directors.
(7) Provide that anymember insurer aggrieved by any final action or decision of the Association mayappeal to the Commissioner within 30 days after the action or decision.
(8) Establish theprocedures whereby selections for the board of directors will be submitted tothe Commissioner.
(9) Contain additionalprovisions necessary or proper for the execution of the powers and duties ofthe Association.
(d) The plan ofoperation may provide that any or all powers and duties of the Association,except those under G.S. 58‑48‑35(a)(3) and G.S. 58‑48‑35(b)(2),are delegated to a corporation, association, or other organization whichperforms or will perform functions similar to those of this Association, or itsequivalent, in two or more states. Such a corporation, association ororganization shall be reimbursed as a servicing facility would be reimbursedand shall be paid for its performance of any other functions of theAssociation. A delegation under this subsection shall take effect only withthe approval of both the board of directors and the Commissioner, and may bemade only to a corporation, association, or organization which extendsprotection not substantially less favorable and effective than that provided bythis Article. (1971, c. 670, s. 1; 1973, c. 1446, s. 2.)
