(1) The board shall, by rule, adopt a plan of operation and any amendments necessary or suitable to assure the fair, reasonable, and equitable administration of the fund.
If the board fails to adopt a plan of operation on or before September 1, 2018, thedirector shall, after notice and hearing, adopt and promulgate reasonable rules as necessary or advisable to effectuate this article 67. The rules shall continue in force until modified or superseded by the board.
The plan of operation shall:
Establish the procedures by which all the powers and duties of the board under section 8-67-107 will be performed;
Establish the amount and method of reimbursing members of the board under section8-67-106 (4);
Establish procedures by which claims may be filed with the board, including establishing acceptable forms of proof of covered claims;
Establish procedures for pursuing actions against uninsured employers pursuant tosection 8-67-110;
Establish regular places and times for meetings of the board;
Establish procedures for maintaining records of all financial transactions of the board;
Contain additional provisions necessary or proper for the execution of the powersand duties of the board; and
Establish procedures for contracting with third-party administrators to administer claims paid by the fund.
Source: L. 2017: Entire article added, (HB 17-1119), ch. 317, p. 1701, § 1, effective July 1.