Minnesota § 61B.25 PLAN OF OPERATION

Minnesota Statutes

§ 61B.25 — PLAN OF OPERATION

Minnesota § 61B.25

PartINSURANCE

Ch. 61BLIFE AND HEALTH GUARANTY ASSOCIATION

This text of Minnesota § 61B.25 (PLAN OF OPERATION) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 61B.25 (2026).

Text

Subdivision 1.Adoption and amendment.
The purpose of the plan of operation is to assure the fair, reasonable, and equitable administration of the association under sections61B.18to61B.32. Amendments to the plan of operation must be submitted to the commissioner and become effective upon the commissioner's written approval or 30 days after submission if the commissioner has not disapproved. If the association fails to submit suitable amendments to the plan, the commissioner shall, after notice and hearing, adopt reasonable rules necessary or advisable to implement sections61B.18to61B.32. The rules shall continue in force until modified by the commissioner or superseded by amendments submitted by the association and approved by the commissioner.

Subd. 2.Compliance.
All member insurers shal

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Subdivision 1.Adoption and amendment.
The purpose of the plan of operation is to assure the fair, reasonable, and equitable administration of the association under sections61B.18to61B.32. Amendments to the plan of operation must be submitted to the commissioner and become effective upon the commissioner's written approval or 30 days after submission if the commissioner has not disapproved. If the association fails to submit suitable amendments to the plan, the commissioner shall, after notice and hearing, adopt reasonable rules necessary or advisable to implement sections61B.18to61B.32. The rules shall continue in force until modified by the commissioner or superseded by amendments submitted by the association and approved by the commissioner.

Subd. 2.Compliance.
All member insurers shall comply with the plan of operation.

Subd. 3.Contents.
The plan of operation must, in addition to requirements specified in sections61B.18to61B.32:
(1) establish procedures for handling the assets of the association;
(2) establish the amount and method of reimbursing members of the board of directors under section61B.22;
(3) establish regular places and times for meetings including telephone conference calls of the board of directors or of the executive committee;
(4) establish procedures for records to be kept of all financial transactions of the association, its agents, and the board of directors;
(5) establish procedures for selecting the board of directors;
(6) establish any additional procedures for assessments under section61B.24; and
(7) contain additional provisions necessary or proper for the execution of the powers and duties of the association.

Subd. 4.Delegation of powers and duties.
The plan of operation may provide that any or all powers and duties of the association, except those under sections61B.23, subdivision 13, clause (3), and61B.24, are delegated to a corporation, association, or other organization which performs or will perform functions similar to those of this association, or its equivalent, in two or more states. The corporation, association, or organization shall be reimbursed for any payments made on behalf of the association and shall be paid for its performance of any function of the association. A delegation under this subdivision shall take effect only with the approval of both the board of directors and the commissioner, and may be made only to a corporation, association, or organization which extends protection not substantially less favorable and effective than that provided by sections61B.18to61B.32.