§2384.__Plan of operation

1. Plan of operation.__The company shall develop and file with the Superintendent of Insurance for review and approval a plan of operation and any amendments to a plan of operation necessary or suitable to ensure the fair, reasonable and equitable administration of the company.

2. Initial funding. The company may obtain initial start-up funds by:

A. Borrowing from any public or private source; and

B. The sale of private activity bonds through an allocation of the state ceiling on private activity bonds to the company pursuant to Title 10, section 363.

§2385. President and chief executive officer

1.__Appointment.__The board shall appoint a president who serves as chief executive officer and who is responsible for the operation of the company.__The president must be qualified by education and experience to manage an organization with financial and operational obligations to its policyholders and claimants.

2.__Term.__The president serves at the will of the board.

3.__Compensation.__The president is entitled to compensation as established by the board and is subject to any reasonable requirements, including bonding, established by the board.

4.__Board member.__The president is a member of the board but may not be the chair of the board.

5.__Duties.__The board, as part of its plan of operation, shall designate the powers and duties of the president.__The president may, with direction from the board, assist in the development of the plan of operation and other start-up functions.

§2386. Nonstate agency

The company is not considered a state agency or instrumentality of the State for any purpose.__The State may not borrow or otherwise appropriate funds from the company.