5.__Annual report.__The association shall report annually to the joint standing committee of the Legislature having jurisdiction over health insurance matters by March 15th.__The report must include information on the benefits and rate structure of coverage offered by the association, the financial solvency of the association and the administrative expenses of the plan.

6.__Audit.__The association must be audited at least every 3 years. A copy of the audit must be provided to the superintendent and to the joint standing committee of the Legislature having jurisdiction over health insurance matters.

§3907.__Selection of plan administrator

1.__Selection of plan administrator.__The board shall select an insurer or 3rd-party administrator, through a competitive bidding process, to administer the plan.__The board shall evaluate bids submitted under this subsection based on criteria established by the board, including:

A.__The insurer's proven ability to handle large group accident and health insurance;

B.__The efficiency of the insurer's claims-paying procedures; and

C.__An estimate of total charges for administering the plan.

2.__Contract with plan administrator.__The plan administrator selected pursuant to subsection 1 serves for a period of 3 years.__At least one year prior to the expiration of each 3-year period of service by a plan administrator, the board shall invite all insurers, including the current administering insurer, to submit bids to serve as the plan administrator for the succeeding 3-year period.__The selection of the plan administrator for the succeeding period must be made at least 6 months prior to the ending of the 3-year period.

3.__Duties of plan administrator.__The plan administrator selected pursuant to subsection 1 shall:

A.__Perform all eligibility and administrative claims- payment functions relating to the plan;

B.__Pay a producer's referral fee as established by the board to each insurance producer who refers an applicant to