2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 38 - Miscellaneous Insurance Guaranty Association (§§ 3801 — 3819) › § 3809 - Association—Operating plan

(1) The Association shall submit to the Commissioner for his/her consideration an adequate plan of operations for an efficient administration of the Association.
The plan of operations shall be subject to the approval of the Commissioner and shall take effect ten (10) days after his approval. If the Commissioner disapproves the plan, in whole or in part, the Board of Directors shall within fifteen (15) days following the notice of said disapproval submit the plan, in the portion objected, amended and revised and upon failure to submit a new version, or if it is unacceptable, the Commissioner shall promulgate his/her own plan of operations or the corresponding portion thereof, as the case may be.
The Board may, motu proprio, or at the request of the Commissioner, amend the plan of operations, subject to the approval of the Commissioner.
The member insurers shall be under the obligation to comply with the plan of operations approved by the Commissioner.
(2) The plan of operations shall establish:
(a) The procedures under which the Association shall discharge its powers and duties.
(b) The procedures to manage the assets of the Association.
(c) The procedure for filing the claims and the forms of evidence for covered claims. The notice of claims to the liquidator or receiver of an insolvent insurer shall be considered as if it were a notice to the Association or to its agent and periodically the liquidator or receiver shall submit a list of such claims to the Association or similar organization in another state.
(d) The place, date and time for the meetings of the Board.
(e) The procedures for the conservation of records of all the transactions of the Association, its agents and the Board.
(f) That any member insurer aggrieved by an action or decision of the Association may appeal to the Commissioner within thirty (30) days following the action or decision.
(g) The procedures for the designation of the members of the Board.
(h) The power of the Board to establish a reasonable amount for the payment of per diems and reimbursement of expenses to the directors, and the method of payment thereof.
(i) Additional provisions necessary or proper for the execution of the powers and duties of the Association.
(3) The plan of operations shall provide that any or all the powers and duties of the Association, except those under §§ 3808(a)(3) and 3808(b)(2) of this title, may be delegated to a corporation, association or other organization which carries out or may carry out functions similar to those of the Association, or its equivalent. Said corporation, association or organization shall be reimbursed as a servicing facility would be, and it shall be paid for performing any other function of the Association. The delegation under this subsection shall be excercised solely with the approval of the Board and the Commissioner, and it may only be made to a corporation, association or organization which extends a protection not substantially less favorable and effective than that provided in this chapter.
History —Ins. Code, added as § 38.090 on Aug. 17, 1991, No. 72, § 1.