Iowa § 508D.7 Plan of operation

Iowa Statutes

§ 508D.7 — Plan of operation

Iowa § 508D.7

Title XIIICOMMERCE

Ch. 508DMULTISTATE LIFE AND HEALTH INSURANCE RESOLUTION FACILITY

This text of Iowa § 508D.7 (Plan of operation) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 508D.7 (2026).

Text

1.The facility shall submit to the oversight organization a plan of operation and any amendments to the plan of operation necessary or suitable to assure the fair, reasonable, and equitable administration of the facility’s business. The plan of operation and any amendments to the plan are effective upon the oversight organization’s written approval.

2.The plan of operation, in addition to other requirements established in this chapter, shall establish all of the following:

a.Procedures for administering the assets under the control of the facility.

b.Regular places and times for meetings of the board of directors.

c.Procedures for records to be kept of all financial transactions engaged in by the facility, the agents of the facility, and the board of directors.

d.Procedures for selec

Free access — add to your briefcase to read the full text and ask questions with AI

1. The facility shall submit to the oversight organization a plan of operation and any
amendments to the plan of operation necessary or suitable to assure the fair, reasonable,
and equitable administration of the facility’s business. The plan of operation and any
amendments to the plan are effective upon the oversight organization’s written approval.
2. The plan of operation, in addition to other requirements established in this chapter,
shall establish all of the following:
a. Procedures for administering the assets under the control of the facility.
b. Regular places and times for meetings of the board of directors.
c. Procedures for records to be kept of all financial transactions engaged in by the facility,
the agents of the facility, and the board of directors.
d. Procedures for selecting the board of directors and submitting the selections to the
oversight organization.
e. Procedures for permitting life and health insurance guaranty associations to become
members of the facility.
f. Procedures for the assumption of the insurance business or the assignment of the
insurance business to the facility by member guaranty associations.
g. Procedures for determining and making assessments against member guaranty
associations by the board of directors.
h. Additional provisions necessary and proper for the execution of the powers and duties
of the facility.
3 MULTISTATE LIFE AND HEALTH INSURANCE RESOLUTION FACILITY, §508D.9
i. Adescriptionofstaffingrequirementsandqualificationsforpositionswithinthefacility.
3. The plan of operation may provide that any powers and duties of the facility, except
the power to borrow money and the power to make assessments, may be delegated to a
corporation, association, or other organization or individual which performs or will perform
those functions. Such corporation, association, or other organization or individual shall be
reimbursed for any payments made on behalf of the facility and shall be compensated for
the performance of any permissible function, as directed by the facility. A delegation of any
power or duty pursuant to this subsection takes effect only with the approval of the board of
directors.