Sec. 463.102. PLAN OF OPERATION; AMENDMENTS. (a) The association shall perform the association's functions under a plan of operation approved by the commissioner. The plan of operation must:
(1) establish:
(A) procedures for handling the assets of the association;
(B) the amount and method of reimbursing board members under Section 463.056;
(C) regular places and times for board meetings, including telephone conference calls;
(D) procedures for maintaining records of all financial transactions of the association, the association's agents, and the board; and
(E) additional procedures for assessments under Subchapter D; and
(2) contain additional provisions necessary or proper for the execution of the association's powers and duties.
(b) The association may amend the plan of operation. An amendment must be approved by the commissioner and takes effect on:
(1) the date the commissioner approves the amendment; or
(2) the 30th day after the date the amendment is submitted to the commissioner for approval, if the commissioner does not approve or disapprove the amendment before the 30th day.
(c) Each member insurer shall comply with the plan of operation.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Section: Previous 463.054 463.055 463.056 463.057 463.058 463.059 463.101 463.102 463.103 463.104 463.105 463.106 463.107 463.108 463.109 NextLast modified: September 28, 2016