Iowa Admin. Code r. 191-20.47

Current through Register Vol. 47, No.14, January 8, 2025

Rule 191-20.47 - Duties of the governing committee

(1) The governing committee shall meet as often as may be required to perform the general duties of the administration of the Plan, or at the call of the commissioner. Four members of the committee present or by proxy shall constitute a quorum. Members of the committee who choose to appoint a proxy shall give a written proxy to the person elected to act as proxy. The written proxy shall then be filed with the governing committee, thus ensuring the validity of the proxy's actions as the governing committee performs its duties.

(2) The governing committee shall be empowered to appoint a manager, who shall serve at the pleasure of the committee, to budget expenses, levy assessments, disburse funds, and perform all other duties of the Plan. The adoption of or substantive changes in pension plans or employee benefit programs for the manager and staff shall be subject to approval of the governing committee.

(3) The governing committee may designate an independent inspection firm to make inspections as required under the Plan and to perform such other duties as may be authorized by the governing committee.

(4) The governing committee shall submit to the commissioner periodic reports setting forth information as the commissioner may request. On or before April 1 of each year, the governing committee shall submit a report summarizing any new programs or reforms in operation undertaken during the preceding calendar year in order to comply with any new legislation, regulations or directives affecting the Plan. This report shall contain a statistical tabulation on business written in accordance with the Plan.

(5) The governing committee shall separately code all policies written by the Plan so that appropriate records may be compiled for purposes of performing loss prevention and other studies of the operation of the Plan.

(6) The governing committee shall authorize the manager to file rates, surcharge schedules and forms for prior approval by the commissioner.

(7) The governing committee shall prepare such agreements and contracts as may be necessary for the execution of this division consistent with its provisions.

Iowa Admin. Code r. 191-20.47

Amended by IAB May 5, 2021/Volume XLIII, Number 23, effective 6/9/2021

Adopted by IAB March 20, 2024/Volume XLVI, Number 19, effective 4/24/2024