§ 26-42-108 — Plan of operation

Wyoming § 26-42-108

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 42: WYOMING LIFE AND HEALTH INSURANCE

Text

(a) The association shall maintain a plan of operation to
assure the fair, reasonable and equitable administration of the
association. The plan of operation and any amendments to the
plan of operation shall be submitted to the commissioner and are
effective upon the commissioner's written approval or after
thirty (30) days if he has not disapproved them.
(b) If the association fails to submit a suitable plan of
operation or suitable amendments to the plan, the commissioner
shall after notice and hearing adopt and promulgate reasonable
rules as necessary or advisable to implement the provisions of
this act. The rules shall continue in force until modified by
the commissioner or superseded by a plan submitted by the
association and approved by the commissioner.
(c) All member insurers shall comply with the plan of
operation.
(d) The plan of operation shall, in addition to
requirements enumerated in other provisions of this act:
(i) Establish procedures for handling the assets of
the association;
(ii) Establish the amount and method of reimbursing
members of the board of directors under W.S. 26-42-105;
(iii) Establish regular places and times for meetings
including telephone conference calls of the board of directors;
(iv) Establish procedures for records to be kept of
all financial transactions of the association, the association's
agents and the board of directors;
(v) Establish the procedures for making selections
for the board of directors and submitting them to the
commissioner;
(vi) Establish any additional procedures for
assessments under W.S. 26-42-107;
(vii) Contain additional provisions necessary or
proper for the execution of the powers and duties of the
association.
(e) The plan of operation may provide that any or all
powers and duties of the association, except those under W.S.
26-42-106(p) and 26-42-107, are delegated to a corporation,
association or other organization which performs or will perform
functions similar to those of the association or its equivalent
in two (2) 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 subsection
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 similar to that provided by this act.