A. Within forty-five days of the date the Commission makes a determination toactivate a joint underwriting association pursuant to subsection A of §38.2-2801, the directors of the association shall submit to the Commissionfor review a proposed plan of operation consistent with this chapter.
B. The plan of operation shall provide for economic, fair andnondiscriminatory administration and for the prompt and efficient provisionof medical malpractice insurance. The plan shall contain other provisionsincluding (i) preliminary assessment of all members for initial expensesnecessary to commence operations, (ii) establishment of necessary facilities,(iii) management of the association, (iv) assessment of members to defraylosses and expenses, (v) reasonable and objective minimum underwritingstandards developed in consultation with the medical and hospital advisorycommittees provided for in § 38.2-2805, (vi) acceptance and cession ofreinsurance, (vii) appointment of servicing carriers or other servicingarrangements, (viii) the establishment of premium payment plans, (ix)procedures for determining amounts of insurance to be provided by theassociation, (x) procedures for the recoupment of preliminary assessments andother assessments of members as authorized by this chapter, and (xi) anyother matters necessary for the efficient and equitable operation andtermination of the association.
C. The plan of operation shall be subject to approval by the Commission afterconsultation with the members of the association and representatives ofinterested individuals and organizations. If the Commission disapproves allor any part of the proposed plan of operation, the directors shall withinfifteen days submit for review an appropriate revised plan of operation. Ifthe directors fail to do so, the Commission shall promulgate a plan ofoperation. The plan of operation approved or promulgated by the Commissionshall become effective and operational upon order of the Commission.
D. Amendments to the plan of operation may be made by the directors of theassociation, subject to the approval of the Commission.
(1976, c. 85, § 38.1-778; 1980, c. 286; 1986, c. 562; 1987, c. 554; 1988, c.341.)
A. Within forty-five days of the date the Commission makes a determination toactivate a joint underwriting association pursuant to subsection A of §38.2-2801, the directors of the association shall submit to the Commissionfor review a proposed plan of operation consistent with this chapter.
B. The plan of operation shall provide for economic, fair andnondiscriminatory administration and for the prompt and efficient provisionof medical malpractice insurance. The plan shall contain other provisionsincluding (i) preliminary assessment of all members for initial expensesnecessary to commence operations, (ii) establishment of necessary facilities,(iii) management of the association, (iv) assessment of members to defraylosses and expenses, (v) reasonable and objective minimum underwritingstandards developed in consultation with the medical and hospital advisorycommittees provided for in § 38.2-2805, (vi) acceptance and cession ofreinsurance, (vii) appointment of servicing carriers or other servicingarrangements, (viii) the establishment of premium payment plans, (ix)procedures for determining amounts of insurance to be provided by theassociation, (x) procedures for the recoupment of preliminary assessments andother assessments of members as authorized by this chapter, and (xi) anyother matters necessary for the efficient and equitable operation andtermination of the association.
C. The plan of operation shall be subject to approval by the Commission afterconsultation with the members of the association and representatives ofinterested individuals and organizations. If the Commission disapproves allor any part of the proposed plan of operation, the directors shall withinfifteen days submit for review an appropriate revised plan of operation. Ifthe directors fail to do so, the Commission shall promulgate a plan ofoperation. The plan of operation approved or promulgated by the Commissionshall become effective and operational upon order of the Commission.
D. Amendments to the plan of operation may be made by the directors of theassociation, subject to the approval of the Commission.
(1976, c. 85, § 38.1-778; 1980, c. 286; 1986, c. 562; 1987, c. 554; 1988, c.341.)
A. Within forty-five days of the date the Commission makes a determination toactivate a joint underwriting association pursuant to subsection A of §38.2-2801, the directors of the association shall submit to the Commissionfor review a proposed plan of operation consistent with this chapter.
B. The plan of operation shall provide for economic, fair andnondiscriminatory administration and for the prompt and efficient provisionof medical malpractice insurance. The plan shall contain other provisionsincluding (i) preliminary assessment of all members for initial expensesnecessary to commence operations, (ii) establishment of necessary facilities,(iii) management of the association, (iv) assessment of members to defraylosses and expenses, (v) reasonable and objective minimum underwritingstandards developed in consultation with the medical and hospital advisorycommittees provided for in § 38.2-2805, (vi) acceptance and cession ofreinsurance, (vii) appointment of servicing carriers or other servicingarrangements, (viii) the establishment of premium payment plans, (ix)procedures for determining amounts of insurance to be provided by theassociation, (x) procedures for the recoupment of preliminary assessments andother assessments of members as authorized by this chapter, and (xi) anyother matters necessary for the efficient and equitable operation andtermination of the association.
C. The plan of operation shall be subject to approval by the Commission afterconsultation with the members of the association and representatives ofinterested individuals and organizations. If the Commission disapproves allor any part of the proposed plan of operation, the directors shall withinfifteen days submit for review an appropriate revised plan of operation. Ifthe directors fail to do so, the Commission shall promulgate a plan ofoperation. The plan of operation approved or promulgated by the Commissionshall become effective and operational upon order of the Commission.
D. Amendments to the plan of operation may be made by the directors of theassociation, subject to the approval of the Commission.
(1976, c. 85, § 38.1-778; 1980, c. 286; 1986, c. 562; 1987, c. 554; 1988, c.341.)
