(a) The Associationshall submit to the Commissioner a Plan and any amendments necessary orsuitable to assure the fair, reasonable, and equitable administration of theAssociation. The Plan and any amendments shall become effective upon theCommissioner's written approval or unless the Commissioner has not disapprovedit within 30 days.
(b) If the Associationfails to submit a suitable Plan within 120 days after the effective date ofthis Article or if at any time thereafter the Association fails to submitsuitable amendments to the Plan, the Commissioner shall, after notice andhearing, adopt rules that are necessary or advisable to carry out theprovisions of this Article. The rules shall continue in force until modified bythe Commissioner or superseded by a Plan submitted by the Association andapproved by the Commissioner.
(c) All member insurersshall comply with the Plan.
(d) The Plan shall, inaddition to other requirements specified in this Article, establish:
(1) Procedures forhandling the assets of the Association;
(2) The amount andmethod of reimbursing members of the Board under G.S. 58‑62‑31;
(3) Regular places andtimes for meetings, including telephone conference calls, of the Board;
(4) Procedures for recordsto be kept of all financial transactions of the Association, its agents, andthe Board;
(5) The procedureswhereby selections for the Board will be made and submitted to theCommissioner;
(6) Any additionalprocedures for assessments under G.S. 58‑62‑41;
(7) Additionalprovisions necessary or proper for the execution of the powers and duties ofthe Association.
(e) The Plan mayprovide that any or all powers and duties of the Association, except thoseunder G.S. 58‑62‑36(r) and G.S. 58‑62‑41, may be delegatedto a corporation, association, or other organization that performs or willperform functions similar to those of the Association, or its equivalent, intwo or more states. Such a corporation, association, or organization shall bereimbursed for any payments made on behalf of the Association and shall be paidfor its performance of any function of the Association. A delegation underthis subsection is effective only with the approval of both the Board and theCommissioner, and may be made only to a corporation, association, ororganization that extends protection not substantially less favorable andeffective than that provided by this Article. (1991, c. 681, s. 56.)
(a) The Associationshall submit to the Commissioner a Plan and any amendments necessary orsuitable to assure the fair, reasonable, and equitable administration of theAssociation. The Plan and any amendments shall become effective upon theCommissioner's written approval or unless the Commissioner has not disapprovedit within 30 days.
(b) If the Associationfails to submit a suitable Plan within 120 days after the effective date ofthis Article or if at any time thereafter the Association fails to submitsuitable amendments to the Plan, the Commissioner shall, after notice andhearing, adopt rules that are necessary or advisable to carry out theprovisions of this Article. The rules shall continue in force until modified bythe Commissioner or superseded by a Plan submitted by the Association andapproved by the Commissioner.
(c) All member insurersshall comply with the Plan.
(d) The Plan shall, inaddition to other requirements specified in this Article, establish:
(1) Procedures forhandling the assets of the Association;
(2) The amount andmethod of reimbursing members of the Board under G.S. 58‑62‑31;
(3) Regular places andtimes for meetings, including telephone conference calls, of the Board;
(4) Procedures for recordsto be kept of all financial transactions of the Association, its agents, andthe Board;
(5) The procedureswhereby selections for the Board will be made and submitted to theCommissioner;
(6) Any additionalprocedures for assessments under G.S. 58‑62‑41;
(7) Additionalprovisions necessary or proper for the execution of the powers and duties ofthe Association.
(e) The Plan mayprovide that any or all powers and duties of the Association, except thoseunder G.S. 58‑62‑36(r) and G.S. 58‑62‑41, may be delegatedto a corporation, association, or other organization that performs or willperform functions similar to those of the Association, or its equivalent, intwo or more states. Such a corporation, association, or organization shall bereimbursed for any payments made on behalf of the Association and shall be paidfor its performance of any function of the Association. A delegation underthis subsection is effective only with the approval of both the Board and theCommissioner, and may be made only to a corporation, association, ororganization that extends protection not substantially less favorable andeffective than that provided by this Article. (1991, c. 681, s. 56.)
(a) The Associationshall submit to the Commissioner a Plan and any amendments necessary orsuitable to assure the fair, reasonable, and equitable administration of theAssociation. The Plan and any amendments shall become effective upon theCommissioner's written approval or unless the Commissioner has not disapprovedit within 30 days.
(b) If the Associationfails to submit a suitable Plan within 120 days after the effective date ofthis Article or if at any time thereafter the Association fails to submitsuitable amendments to the Plan, the Commissioner shall, after notice andhearing, adopt rules that are necessary or advisable to carry out theprovisions of this Article. The rules shall continue in force until modified bythe Commissioner or superseded by a Plan submitted by the Association andapproved by the Commissioner.
(c) All member insurersshall comply with the Plan.
(d) The Plan shall, inaddition to other requirements specified in this Article, establish:
(1) Procedures forhandling the assets of the Association;
(2) The amount andmethod of reimbursing members of the Board under G.S. 58‑62‑31;
(3) Regular places andtimes for meetings, including telephone conference calls, of the Board;
(4) Procedures for recordsto be kept of all financial transactions of the Association, its agents, andthe Board;
(5) The procedureswhereby selections for the Board will be made and submitted to theCommissioner;
(6) Any additionalprocedures for assessments under G.S. 58‑62‑41;
(7) Additionalprovisions necessary or proper for the execution of the powers and duties ofthe Association.
(e) The Plan mayprovide that any or all powers and duties of the Association, except thoseunder G.S. 58‑62‑36(r) and G.S. 58‑62‑41, may be delegatedto a corporation, association, or other organization that performs or willperform functions similar to those of the Association, or its equivalent, intwo or more states. Such a corporation, association, or organization shall bereimbursed for any payments made on behalf of the Association and shall be paidfor its performance of any function of the Association. A delegation underthis subsection is effective only with the approval of both the Board and theCommissioner, and may be made only to a corporation, association, ororganization that extends protection not substantially less favorable andeffective than that provided by this Article. (1991, c. 681, s. 56.)
