Section 379.870

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

Effective - 28 Aug 1969   

  379.870.  Duties of the committee. — 1.  The committee shall meet as often as may be required to perform the general duties of administration of the program or on the call of the director.

  2.  The committee shall be empowered to appoint a manager, who shall serve at the pleasure of the committee, to budget expenses, levy assessments, disburse funds, and perform all other duties provided herein or necessary or incidental to the proper administration of the program.  The adoption of or substantive changes in pension plans or employee benefit programs shall be subject to approval of insurers.  Assessments upon each insurer shall be levied on the basis of its premiums written.

  3.  Annually the manager shall prepare an operating budget which shall be subject to approval of the committee.  Such budget shall be furnished to the insurers after approval.  Any contemplated expenditure in excess of or not included in the annual budget shall require prior approval by the committee.

  4.  The committee shall furnish to all insurers and to the director a written report of operations annually in such form and detail as the committee may determine.

  5.  The presence of seven members of the committee, at least five of whom shall be insurers, shall constitute a quorum.

  6.  The committee shall appoint an underwriting committee to review with the manager of the program risks which have been submitted for insurance and may appoint such other committees as it may deem advisable.

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(L. 1969 H.B. 772 § 379.131)