New Hampshire Revised Statutes 408-B:10 – Plan of Operation
Current as of: 2023 | Check for updates
|
Other versions
I. (a) The association 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 association. The plan of operation and any amendments thereto shall become effective upon the commissioner’s written approval or unless the commissioner has not disapproved it within 30 days.
(b) If the association fails to submit a suitable plan of operation within 120 days after January 1, 1996, or if at any time thereafter the association fails to submit suitable amendments to the plan, the commissioner shall, after notice and hearing, adopt such reasonable rules under N.H. Rev. Stat. Chapter 541-A as are necessary or advisable to effectuate the provisions of this chapter. The rules shall continue in force until modified by the commissioner or superseded by a plan submitted by the association and approved by the commissioner.
II. All member insurers shall comply with the plan of operation.
III. The plan of operation shall, in addition to requirements enumerated elsewhere in this chapter:
(a) Establish procedures for handling the assets of the association.
(b) Establish the amount and method of reimbursing members of the board of directors under N.H. Rev. Stat. § 408-B:7.
(c) Establish regular places and times for meetings including telephone conference calls of the board of directors.
(d) Establish procedures for records to be kept of all financial transactions of the association, its agents, and the board of directors.
(e) Establish the procedures whereby selections for the board of directors will be made and submitted to the commissioner.
(f) Establish any additional procedure for assessments under N.H. Rev. Stat. § 408-B:9.
(g) Contain additional provisions necessary or proper for the execution of the powers and duties of the association.
IV. The plan of operation may provide that any or all powers and duties of the association, except those under N.H. Rev. Stat. § 408-B:8, XIII(c) and N.H. Rev. Stat. § 408-B:9, 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 2 or more states. Such a 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 paragraph 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 this chapter.
(b) If the association fails to submit a suitable plan of operation within 120 days after January 1, 1996, or if at any time thereafter the association fails to submit suitable amendments to the plan, the commissioner shall, after notice and hearing, adopt such reasonable rules under N.H. Rev. Stat. Chapter 541-A as are necessary or advisable to effectuate the provisions of this chapter. 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.
Terms Used In New Hampshire Revised Statutes 408-B:10
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
II. All member insurers shall comply with the plan of operation.
III. The plan of operation shall, in addition to requirements enumerated elsewhere in this chapter:
(a) Establish procedures for handling the assets of the association.
(b) Establish the amount and method of reimbursing members of the board of directors under N.H. Rev. Stat. § 408-B:7.
(c) Establish regular places and times for meetings including telephone conference calls of the board of directors.
(d) Establish procedures for records to be kept of all financial transactions of the association, its agents, and the board of directors.
(e) Establish the procedures whereby selections for the board of directors will be made and submitted to the commissioner.
(f) Establish any additional procedure for assessments under N.H. Rev. Stat. § 408-B:9.
(g) Contain additional provisions necessary or proper for the execution of the powers and duties of the association.
IV. The plan of operation may provide that any or all powers and duties of the association, except those under N.H. Rev. Stat. § 408-B:8, XIII(c) and N.H. Rev. Stat. § 408-B:9, 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 2 or more states. Such a 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 paragraph 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 this chapter.