Current through Register Vol. 49, No. 13, September 23, 2024
Subpart 1.
Content.
Bylaws may contain any provisions that do not conflict with
parts
2785.0100 to
2785.1600. Bylaws must, at a
minimum, contain the following provisions:
A. the pool's name, purpose, fiscal year, and
initial date of existence;
B.
definitions of key terms;
C. a
statement of the powers, duties, and responsibilities assigned to the board,
the service company, the financial administrator, and reserved by the
membership;
D. the number, term of
office, and method of selection and replacement of the members of the
board;
E. the procedure for calling
board meetings;
F. the method of
periodic selection and review of the service company and financial
administrator;
G. the procedure for
amending the bylaws;
H. the
procedure for resolving disputes among members, which must not include
submitting disputes to the commissioner;
I. the criteria for membership in the pool,
including standards of financial integrity and loss experience;
J. the procedure for admitting new members to
the pool;
K. the criteria for
expelling members from the pool, including nonpayment of premium;
L. the procedure for withdrawal and expulsion
of members from the pool, including the minimum required period of
membership;
M. a statement of the
coverages the pool intends to provide;
N. the procedure for adding and dropping a
member's participation in a particular coverage;
O. a schedule for premium payments by members
and, if applicable, their employees;
P. the procedure for changing premium
rates;
Q. the procedure for levying
and collecting an assessment;
R. a
statement of who may have access to pool funds and for what purposes;
S. the procedure for distributing dividends,
and the eligibility of past members and past covered employees for dividends;
and
T. the procedure for
distributing any assets remaining upon the pool's dissolution.
Subp. 2.
Adoption and
changes.
The bylaws must be adopted in writing by all initial members.
Authority to change the bylaws must reside with the membership or the board,
according to the terms of the bylaws. Authority to change the bylaws may not be
delegated to a contractor or other outside party. The pool must file bylaw
changes with the commissioner not less than 30 days after adoption.
