(a) If no Plan conforming to the standards of section 4242 of this title is submitted to the Commissioner within 90 days of July 1, 1969 or within the time provided for in any order of disapproval, the Commissioner shall prepare and promulgate a Plan conforming to the requirements of section 4242 of this title.

(b) The Plan shall be prepared and promulgated after notice to each insurer and advisory or service organization, who shall be given an opportunity to be heard. (1969, No. 63, § 5.)