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.

§3906.__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 and timeliness of the insurer's claims- payment procedures;

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

D.__The ability of the insurer to apply effective cost containment programs and procedures to administer the plan in a cost-efficient manner; and

E.__The financial condition and stability of the insurer.