A. The board shall:
1. Investigate claims brought against the fund and adjust, compromise, settle and pay covered claims to the extent of the fund's obligation and deny all other claims. In regard to workers' compensation claims, the board shall adjust, compromise, settle and pay compensable claims, and deny all other claims, subject to the regulatory and adjudicatory authority of the industrial commission over workers' compensation claims pursuant to title 23, chapter 6.
2. Within six months after the determination of insolvency or six months after the fund discovers or should have discovered the settlement of a covered claim, whichever is later, deny and state the basis for the denial or pay any covered claim that was settled within four months before the determination of insolvency of the insolvent insurer. This paragraph does not apply to a settlement of a workers' compensation claim or commutation of permanent disability benefits approved by the industrial commission unless the industrial commission award approving the settlement or commutation of benefits has not become final.
3. Allocate claims paid and expenses incurred among the three accounts of the fund separately.
4. Assess member insurers separately for each account of the fund and expend amounts assessed only for the purposes of the account into which the amounts assessed were placed.
5. Notify such persons as the director directs pursuant to section 20-668, subsection B, paragraph 1.
6. Handle claims through its employees or through one or more insurers or other persons designated as servicing facilities. Designation of a servicing facility shall be subject to the approval of the director. Designation may be declined by a member insurer.
7. Reimburse each servicing facility for obligations of the fund paid by the facility and for expenses incurred by the facility while handling the claims on behalf of the fund and pay the other expenses of the fund authorized pursuant to this article.
B. The board may:
1. Appear in, defend and appeal any action on a claim that is brought against the fund.
2. Employ or retain such persons as are necessary to handle claims and perform other duties of the fund.
3. Borrow funds necessary to carry out the intent of this article pursuant to the plan of operation.
4. Sue and be sued.
5. Negotiate and become a party to such contracts as are necessary to carry out the intent of this article.
6. Perform such other acts as are necessary or proper to carry out the intent of this article.