Massachusetts General Laws ch. 21C sec. 23 – Plan of operation of insolvency fund
Section 23. (1) The insolvency fund shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the insolvency fund. The plan of operation and any amendments thereto shall become effective upon approval by the commissioner.
Terms Used In Massachusetts General Laws ch. 21C sec. 23
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
(2) If the insolvency fund fails to submit a plan of operation acceptable to the commissioner within one hundred and eighty days after the organization of the board of directors, or if at any time thereafter the insolvency fund fails to submit acceptable amendments to the plan, the commissioner shall, after notice and hearing, adopt and promulgate such reasonable rules necessary to effectuate the provisions of sections fifteen to thirty, inclusive. Such rules shall continue in force until modified by the commissioner or superseded by a plan submitted by the insolvency fund and approved by the commissioner.
(a) All generators shall comply with the plan of operation.
(b) The plan of operation shall, in addition to requirements enumerated elsewhere:
(1) establish procedures for handling the assets of the insolvency fund,
(2) establish the amount, if any, and method of reimbursing members of the board of directors under section seventeen,
(3) establish regular places and times for meetings of the board of directors,
(4) establish procedures for records to be kept of all financial transactions of the insolvency fund, its agents, and the board of directors,
(5) establish any additional procedures for assessments under section twenty-one,
(6) contain additional provisions necessary or proper for the execution of the powers and duties of the insolvency fund.