§ 31A-29-105. Contents of plan.

     The plan of operation submitted by the board to the commissioner shall:

(1) demonstrate that any and all assumptions of risk or liability by the pool shall be based on sound financial and actuarial principles reviewed and established in advance by the board and approved by the commissioner;

(2) establish procedures in compliance with Title 51, Chapter 7, State Money Management Act, and accounting policies and procedures established by the Division of Finance, for handling and accounting for assets and money of the pool;

(3) establish regular times and places for meetings of the board;

(4) establish procedures for keeping records of all financial transactions and for sending annual fiscal reports to the commissioner;

(5) contain additional provisions necessary and proper for the execution of the powers and duties of the pool;

(6) establish procedures to pay claims under the pool;

(7) establish procedures in compliance with Title 63A, Utah Administrative Services Code, to pay for administrative expenses incurred; and

(8) provide for the establishment of a mechanism to promote and publicize the existence of the plan, the eligibility requirements and procedures for enrollment in the plan, and to maintain public awareness of the plan.

Amended by Chapter 20, 1995 General Session