Oklahoma § 36-2008 - Plan of operation and amendments

§ 36-2008. Plan of operation and amendments

A. The Oklahoma Property and Casualty Insurance Guaranty

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 approval in writing by the Commissioner.

B. If the Association fails to submit a suitable plan of

operation within ninety (90) days following June 27, 1980, or if at

any time thereafter the Association fails to submit suitable

amendments to the plan, the Commissioner shall, after notice and

hearing, adopt and promulgate reasonable rules as are necessary or

advisable to effectuate the provisions of Section 2001 et seq. of

this title. Any rules promulgated shall continue in force until

modified by the Commissioner or superseded by a plan submitted by

the Association and approved by the Commissioner. All member

insurers shall comply with the plan of operation.

C. The plan of operation shall:

1. Establish the procedures whereby all the powers and duties

of the Association under this act will be performed;

2. Establish procedures for handling assets of the Association;

3. Require the amount and method of reimbursing members of the

board of directors under Section 2006 of this title;

4. Establish procedures by which claims may be filed with the

Association and establish acceptable forms of proof of covered

claims;

5. Establish regular places and times for meetings of the board

of directors;

6. Require that the written procedures be established for

records to be kept of all financial transactions of the Association,

its agents and the board of directors;

7. Provide that any member insurer aggrieved by any final

action or decision of the Association may appeal to the Commissioner

within thirty (30) days after the action or decision;

Oklahoma Statutes - Title 36. Insurance

8. Establish the procedures whereby selections for the board of

directors will be submitted to the Commissioner; and

9. Contain additional provisions necessary or proper for the

execution of the powers and duties of the Association.

D. The plan of operation may provide that any or all powers and

duties of the Association, except those under paragraph 3 of

subsection A and paragraph 2 of subsection B of Section 2007 of this

title, are delegated to a corporation, association or other

organization which performs or will perform functions similar to

those of this Association, or its equivalent. The corporation,

association or organization shall be reimbursed as a servicing

facility would be reimbursed and shall be paid for its performance

of any other functions of the Association. A delegation under this

subsection 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

Section 2001 et seq. of this title.

Added by Laws 1980, c. 362, § 8, emerg. eff. June 27, 1980. Amended

by Laws 1986, c. 251, § 32, emerg. eff. June 13, 1986; Laws 2010, c.

159, § 7, eff. Nov. 1, 2010; Laws 2021, c. 478, § 16, emerg. eff.

May 12, 2021.