A. 1. The Association's plan of operation approved under former § 38.1-482.24shall remain in effect until modified in accordance with this subsection. TheAssociation shall from time to time submit to the Commission any amendmentsto the plan of operation necessary or suitable to assure the fair,reasonable, and equitable administration of the Association. Any amendmentsto the plan of operation shall become effective upon the Commission's writtenapproval or unless they have not been disapproved within 60 days.
2. If at any time the Association fails to submit suitable amendments to theplan, the Commission shall, after notice and hearing, adopt and promulgatesuch reasonable rules as are necessary or advisable to effectuate theprovisions of this chapter. The rules shall continue in force until modifiedby the Commission or superseded by an amended plan submitted by theAssociation and approved by the Commission.
B. All member insurers shall comply with the plan of operation.
C. The plan of operation shall, in addition to requirements enumeratedelsewhere in this chapter:
1. Establish procedures for handling assets of the Association;
2. Establish the amount and method of reimbursing members of the board ofdirectors under § 38.2-1703;
3. Establish regular places and times for meetings, including telephoneconference calls, of the board of directors;
4. Establish procedures for records to be kept of all financial transactionsof the Association, its agents, and the board of directors;
5. Establish the procedures whereby selections for the board of directorswill be made and submitted to the Commission;
6. Establish any additional procedures for assessments under § 38.2-1705;
7. Establish a plan for equitable distribution of refunds to members;
8. Contain additional provisions necessary or proper for the execution of thepowers and duties of the Association;
9. Establish procedures whereby a director may be removed for cause,including in the case where a member insurer director becomes an impaired orinsolvent insurer; and
10. Require the board of directors to establish a policy and procedures foraddressing conflicts of interests.
D. The plan of operation may provide that any or all powers and duties of theAssociation, except those under subdivision L 3 of § 38.2-1704 and §38.2-1705 are delegated to a corporation, association, or other organizationthat performs or will perform functions similar to those of this Association,or its equivalent, in two or more states. Such a corporation, association, ororganization shall be reimbursed for any payments made on behalf of theAssociation and shall be paid for its performance of any function of theAssociation. A delegation under this subsection shall take effect only withthe approval of both the board of directors and the Commission, and may bemade only to a corporation, association, or organization that extendsprotection not substantially less favorable and effective than that providedby this chapter.
(1976, c. 330, § 38.1-482.24; 1986, c. 562; 2010, c. 510.)
A. 1. The Association's plan of operation approved under former § 38.1-482.24shall remain in effect until modified in accordance with this subsection. TheAssociation shall from time to time submit to the Commission any amendmentsto the plan of operation necessary or suitable to assure the fair,reasonable, and equitable administration of the Association. Any amendmentsto the plan of operation shall become effective upon the Commission's writtenapproval or unless they have not been disapproved within 60 days.
2. If at any time the Association fails to submit suitable amendments to theplan, the Commission shall, after notice and hearing, adopt and promulgatesuch reasonable rules as are necessary or advisable to effectuate theprovisions of this chapter. The rules shall continue in force until modifiedby the Commission or superseded by an amended plan submitted by theAssociation and approved by the Commission.
B. All member insurers shall comply with the plan of operation.
C. The plan of operation shall, in addition to requirements enumeratedelsewhere in this chapter:
1. Establish procedures for handling assets of the Association;
2. Establish the amount and method of reimbursing members of the board ofdirectors under § 38.2-1703;
3. Establish regular places and times for meetings, including telephoneconference calls, of the board of directors;
4. Establish procedures for records to be kept of all financial transactionsof the Association, its agents, and the board of directors;
5. Establish the procedures whereby selections for the board of directorswill be made and submitted to the Commission;
6. Establish any additional procedures for assessments under § 38.2-1705;
7. Establish a plan for equitable distribution of refunds to members;
8. Contain additional provisions necessary or proper for the execution of thepowers and duties of the Association;
9. Establish procedures whereby a director may be removed for cause,including in the case where a member insurer director becomes an impaired orinsolvent insurer; and
10. Require the board of directors to establish a policy and procedures foraddressing conflicts of interests.
D. The plan of operation may provide that any or all powers and duties of theAssociation, except those under subdivision L 3 of § 38.2-1704 and §38.2-1705 are delegated to a corporation, association, or other organizationthat performs or will perform functions similar to those of this Association,or its equivalent, in two or more states. Such a corporation, association, ororganization shall be reimbursed for any payments made on behalf of theAssociation and shall be paid for its performance of any function of theAssociation. A delegation under this subsection shall take effect only withthe approval of both the board of directors and the Commission, and may bemade only to a corporation, association, or organization that extendsprotection not substantially less favorable and effective than that providedby this chapter.
(1976, c. 330, § 38.1-482.24; 1986, c. 562; 2010, c. 510.)
A. 1. The Association's plan of operation approved under former § 38.1-482.24shall remain in effect until modified in accordance with this subsection. TheAssociation shall from time to time submit to the Commission any amendmentsto the plan of operation necessary or suitable to assure the fair,reasonable, and equitable administration of the Association. Any amendmentsto the plan of operation shall become effective upon the Commission's writtenapproval or unless they have not been disapproved within 60 days.
2. If at any time the Association fails to submit suitable amendments to theplan, the Commission shall, after notice and hearing, adopt and promulgatesuch reasonable rules as are necessary or advisable to effectuate theprovisions of this chapter. The rules shall continue in force until modifiedby the Commission or superseded by an amended plan submitted by theAssociation and approved by the Commission.
B. All member insurers shall comply with the plan of operation.
C. The plan of operation shall, in addition to requirements enumeratedelsewhere in this chapter:
1. Establish procedures for handling assets of the Association;
2. Establish the amount and method of reimbursing members of the board ofdirectors under § 38.2-1703;
3. Establish regular places and times for meetings, including telephoneconference calls, of the board of directors;
4. Establish procedures for records to be kept of all financial transactionsof the Association, its agents, and the board of directors;
5. Establish the procedures whereby selections for the board of directorswill be made and submitted to the Commission;
6. Establish any additional procedures for assessments under § 38.2-1705;
7. Establish a plan for equitable distribution of refunds to members;
8. Contain additional provisions necessary or proper for the execution of thepowers and duties of the Association;
9. Establish procedures whereby a director may be removed for cause,including in the case where a member insurer director becomes an impaired orinsolvent insurer; and
10. Require the board of directors to establish a policy and procedures foraddressing conflicts of interests.
D. The plan of operation may provide that any or all powers and duties of theAssociation, except those under subdivision L 3 of § 38.2-1704 and §38.2-1705 are delegated to a corporation, association, or other organizationthat performs or will perform functions similar to those of this Association,or its equivalent, in two or more states. Such a corporation, association, ororganization shall be reimbursed for any payments made on behalf of theAssociation and shall be paid for its performance of any function of theAssociation. A delegation under this subsection shall take effect only withthe approval of both the board of directors and the Commission, and may bemade only to a corporation, association, or organization that extendsprotection not substantially less favorable and effective than that providedby this chapter.
(1976, c. 330, § 38.1-482.24; 1986, c. 562; 2010, c. 510.)
