☰ Revisor of Missouri

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 376

Effective - 28 Aug 2010 bottom

  376.740.  Plan of operation, required, approval of director — provisions of plan. — 1.  The association shall submit a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the association to the director.  The plan of operation and any amendments thereto shall become effective upon the director's written approval or unless he has not disapproved it within thirty days.

  2.  If the association fails to submit a suitable plan of operation within one hundred twenty days following the effective date, August 13, 1988, of sections 376.715 to 376.758 or if at any time thereafter the association fails to submit suitable amendments to the plan, the director shall, after notice and hearing, adopt and promulgate such reasonable rules as are necessary or advisable to effectuate the provisions of sections 376.715 to 376.758.  Such rules shall continue in force until modified by the director or superseded by a plan submitted by the association and approved by him.

  3.  All member insurers shall comply with the plan of operation.

  4.  The plan of operation shall, in addition to requirements enumerated in sections 376.715 to 376.758:

  (1)  Establish procedures for handling the assets of the association;

  (2)  Establish the amount and method of reimbursing members of the board of directors;

  (3)  Establish regular places and times for meetings including telephone conference calls of the board of directors;

  (4)  Establish procedures for records to be kept of all financial transactions of the association, its agents, and the board of directors;

  (5)  Establish the procedures whereby selections for the board of directors will be made and submitted to the director;

  (6)  Establish any additional procedures for assessments which may be necessary;

  (7)  Contain additional provisions necessary or proper for the execution of the powers and duties of the association;

  (8)  Establish procedures whereby a director may be removed for cause, including in the case where a member insurer director becomes an impaired or insolvent insurer;

  (9)  Establish procedures for the initial handling of any appeals against the actions of the board, subject to the rights of appeal in subsection 3 of section 376.742.

  5.  The plan of operation may provide that any or all powers and duties of the association except those pursuant to provisions of subdivision (3) of subsection 1 of section 376.734 and section 376.735 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 two 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 subsection shall take effect only with the approval of both the board of directors and the director, and may be made only to a corporation, association, or organization which extends protection not substantially less favorable and effective than that provided by sections 376.715 to 376.758.

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(L. 1988 S.B. 430 §§ 21, 22, A.L. 2010 S.B. 583)


---- end of effective   28 Aug 2010 ----

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