1. a. The association shall submit a plan of operation to the commissioner, together with any amendments necessary or suitable to ensure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendment become effective upon written approval by the commissioner.

 b. If the association fails to submit a suitable plan of operation within ninety days following July 1, 2000, or if at any time after submission of a suitable plan the association fails to submit suitable amendments to the plan, the commissioner, after notice and opportunity for hearing, shall adopt rules necessary or advisable to effectuate the provisions of this chapter. Such rules shall continue in force until modified by the commissioner or superseded by a plan submitted by the association and approved by the commissioner.

Terms Used In Iowa Code 518C.7

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Association: means the Iowa county and state mutual insurance guaranty association established pursuant to section 518C. See Iowa Code 518C.3
  • Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
  • Commissioner: means the commissioner of insurance. See Iowa Code 518C.3
  • 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
  • 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
  • Insolvent insurer: means an insurer against which a final order of liquidation with a finding of insolvency has been entered on or after July 1, 2000, by a court of competent jurisdiction of this state. See Iowa Code 518C.3
  • Insurer: means a person licensed to transact insurance business in this state under either chapter 518 or chapter 518A either at the time the policy was issued or when the insured event occurred. See Iowa Code 518C.3
  • Person: means an individual, corporation, partnership, association, or voluntary organization. See Iowa Code 518C.3
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
 2. A member insurer shall comply with the association’s plan of operation.
 3. The plan of operation shall provide for all of the following:

 a. Procedures for the performance of the duties and execution of the powers of the association under section 518C.6.
 b. Procedures for managing the assets of the association.
 c. Procedures by which claims may be filed with the association and acceptable forms of proof of covered claims. Notice of claims to the receiver or liquidator of the insolvent insurer constitutes notice to the association or its agent, and a list of such claims shall be periodically submitted to the association or similar organization in another state by the receiver or liquidator.
 d. The place and time for meetings of the board of directors, as necessary.
 e. Procedures for keeping records of all financial transactions of the association, its agents, and the board of directors.
 f. That any member insurer aggrieved by a final action or decision of the association may appeal the action or decision to the commissioner within thirty days after the action or decision.
 g. Additional provisions necessary or proper for the performance of the duties and execution of the powers of the association.
 4. The plan of operation may delegate any or all duties and powers of the association, except those under section 518C.6, subsection 1, paragraph “c”, and section 518C.6, subsection 2, paragraph “c”, to a person with the approval of both the board of directors and the commissioner. Such delegation shall only be made to a person extending protection which is not substantially less favorable and effective than that provided by this chapter. Such person shall be reimbursed as a servicing facility and shall be paid for the performance of any other functions of the association.
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