N.Y. ISC Law § 7710

§ 7710. Plan of operation. (a) (1) The corporation shall submit to the\nsuperintendent a plan of operation and any amendments thereto necessary\nor suitable to assure the fair, reasonable and equitable administration\nof the corporation. The plan of operation and any amendments thereto\nshall become effective upon approval in writing by the superintendent.\n (2) If the corporation fails to submit a suitable plan of operation\nwithin one hundred eighty days following the effective date of this\narticle or if at any time thereafter the corporation fails to submit\nsuitable amendments to the plan, the superintendent shall, after notice\nand hearing, adopt and promulgate such reasonable rules as are necessary\nor advisable to effectuate the provisions of this article. Such rules\nshall continue in force until modified by the superintendent or\nsuperseded by a plan submitted by the corporation and approved by the\nsuperintendent.\n (b) All member insurers shall comply with the plan of operation.\n (c) The plan of operation shall constitute the bylaws of the\ncorporation and shall, in addition to requirements enumerated elsewhere\nin this article:\n (1) Establish procedures for handling the assets of the corporation.\n (2) Establish the amount and method of reimbursing members of the\nboard of directors under section seven thousand seven hundred seven of\nthis article.\n (3) Establish regular places and times for meetings of the board of\ndirectors.\n (4) Establish procedures for records to be kept of all financial\ntransactions of the corporation, its agents and the board of directors.\n (5) Establish the procedures whereby selections for the board of\ndirectors will be made and submitted to the superintendent.\n (6) Establish any additional procedures for assessments under section\nseven thousand seven hundred nine of this article.\n (7) Contain such additional provisions as the superintendent or\ncorporation may deem necessary or proper for the execution of the powers\nand duties of the corporation.\n (d) The plan of operation may provide that any or all powers and\nduties of the corporation, except those under sections seven thousand\nseven hundred eight and seven thousand seven hundred nine of this\narticle, are delegated to a corporation, association or other\norganization which performs or will perform functions similar to those\nof the corporation, or its equivalent, in two or more states. Such a\ncorporation, association or organization shall be reimbursed for any\npayments made on behalf of the corporation and shall be paid for its\nperformance of any function of the corporation. A delegation under this\nsubsection shall take effect only with the approval of both the board of\ndirectors and the superintendent, and may be made only to a corporation,\nassociation or organization which extends protection not substantially\nless favorable and effective than that provided by this article.\n