48.164.065 - Plan of operation. - Washington Statutes

Plan of operation. (Expires December 31, 2016.)

(1) The board must adopt a plan of operation within thirty days of its appointment.

     (2) The plan of operation may take effect only after it has been reviewed by the commissioner. Any changes recommended by the commissioner must be either approved by a majority of the members of the board or a written statement of the board's reasons for rejection of any provision provided to the commissioner. The commissioner may continue to consult with the board to arrive at a plan of operation that is approved by both the commissioner and the board, or the commissioner may accept the plan of operation of the board. This process must conclude with a plan of operation accepted by the board within thirty days of the first board appointed under chapter 230, Laws of 2010.

     (a) The plan of operation may be amended by agreement of a majority of the members of the board and the commissioner.

     (b) The association must use rates that are demonstrably sound as compared to accepted actuarial standards. At the time of filing with the commissioner, the rates must be accompanied by an actuarial analysis. The rates must comply with chapter 48.19 RCW and be approved by the commissioner.

[2010 c 230 § 8.]