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.

Terms Used In Iowa Code 508D.7

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Facility: means the multistate life and health insurance resolution facility created pursuant to section 508D. See Iowa Code 508D.3
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Money: means the same as defined in section 554. See Iowa Code 554E.1
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Oversight organization: means the Iowa commissioner of insurance and the state insurance commissioner, or other state official charged with the responsibility of regulating the insurance industry in the same or similar manner as the Iowa commissioner of insurance, from the state of domicile of each member guaranty association. See Iowa Code 508D.3
 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.
 i. A description of staffing requirements and qualifications for positions within the facility.
 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.
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