1. (a) Not later than two hundred seventy (270) days after the appointment of the initial board, the board shall submit to the commissioner a plan of operation.

2. (b) The commissioner may adopt the plan of operation as a rule under IC 4-22-2 if the commissioner determines the plan will:

   1. (1) ensure the fair, reasonable, and equitable administration of the program; and
   2. (2) provide for the sharing of program gains or losses on an equitable and a proportionate basis in accordance with this chapter.
3. (c) After the adoption of a plan of operation under this section, the board may submit to the commissioner any proposed amendments to the plan the board considers necessary or suitable to ensure the fair, reasonable, and equitable administration of the program. The commissioner may adopt under IC 4-22-2 proposed amendments submitted under this subsection as amendments to the rule adopted under subsection (b).

As added by P.L.193-1996, SEC.1.