{"data":{"id":"us-ky/krs-304.42-100","jurisdiction":"us-ky","citation":"KRS 304.42-100","heading":"Plan of operation.","body":"(1) (a) The association shall submit to the commissioner a plan of operation and any\namendments thereto necessary or suitable to assure the fair, reasonable, and\nequitable administration of the association. The plan of operation and any\namendments thereto shall be come effective upon approval in writing by the\ncommissioner;\n(b) If the association fails to submit a suitable plan of operation within one\nhundred eighty (180) days following June 17, 1978, or if at any time thereafter\nthe association fails to submit suit able amendments to the plan, the\ncommissioner shall, after notice and hearing, adopt and promulgate such\nreasonable rules as are necessary or advisable to effectuate the provisions of\nthis subtitle. Such rules shall continue in force until modified by the\ncommissioner or superseded by a plan submitted by the association and\napproved by the commissioner.\n(2) All member insurers shall comply with the plan of operation.\n(3) The plan of operation shall, in addition to requirements enumerated elsewhere in\nthis subtitle:\n(a) Establish procedures for handling the assets of the association;\n(b) Establish the amount and method of reimbursing members of the board of\ndirectors under KRS 304.42-070;\n(c) Establish regular places and times for meetings of the board of directors;\n(d) Establish procedures for records to be kept of all financial transactions of the\nassociation, its agents, and the board of directors;\n(e) Establish the procedures whereby selections for the board of directors will be\nmade and submitted to the commissioner;\n(f) Establish any additional procedures for assessments under KRS 304.42-090;\n(g) Contain additional provisions necessary or proper for the execution of the\npowers and duties of the association.\n(4) The plan of operation may provide that any o r all powers and duties of the\nassociation, except those under paragraph (c) of subsection (10) of KRS 304.42-080\nand 304.42 -090, are delegated to a corporation, association, or other organization\nwhich performs or will perform functions similar to those o f this association, or its\nequivalent, in two (2) or more states. Such a corporation, association, or\norganization shall be reimbursed for any payments made on behalf of the\nassociation and shall be paid for its performance of any function of the associati on.\nA delegation under this subsection shall take effect only with the approval of both\nthe board of directors and the commissioner, and may be made only to a\ncorporation, association, or organization which extends protection not substantially\nless favorable and effective than that provided by this subtitle.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=30114","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:58Z","sha256":"96f74622be88051f0325e743a4c69f0b252aedfff84deea65c4869f0cdc353c9","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.42-090","next":"us-ky/krs-304.42-110"},"notice":"GroundRules: Original legal text. Not legal advice."}