The Department of Insurance may adopt and promulgate reasonable rules and regulations (1) requiring a risk management pool to maintain reserves similar to those required of a domestic insurance company offering the same coverage as the group self-insurance coverage offered by a pool to its members, (2) requiring prior approval by the Director of Insurance before a risk management pool distributes dividends to its members in order to ensure that adequate reserves will be maintained, (3) requiring a risk management pool to process and act upon claims in accordance with the guidelines applicable for domestic insurance companies, and (4) requiring the pool to notify the Department of Insurance thirty days in advance of any change in the contribution level of the members, of any change in the coverages offered by the pool, and of any amendments to the agreement establishing the pool.
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