31A-29-105 - Contents of plan. - Utah Statutes

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 basedon sound financial and actuarial principles reviewed and established in advance by the board andapproved by the commissioner;
(2) establish procedures in compliance with Title 51, Chapter 7, State MoneyManagement 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 sendingannual fiscal reports to the commissioner;
(5) contain additional provisions necessary and proper for the execution of the powersand 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 existenceof the plan, the eligibility requirements and procedures for enrollment in the plan, and to maintainpublic awareness of the plan.

Amended by Chapter 20, 1995 General Session