(b)__Notice to and approval by the Superintendent of Insurance; and

(c)__For higher retention levels, a statement from that member's actuary that the member has adequately funded its additional exposure;

(5)__To create a mechanism for assessing participating group self-insurer members if funds are insufficient to pay the claims of the account;

(6)__To retain actuarial assistance to be used in the establishment of loss reserves, reinsurance and risk management for the account, and in the development of underwriting criteria and premium rates for group self- insurer members.__Rates are subject to approval by the Superintendent of Insurance;

(7)__To associate with a participating group self- insurer member in the defense, investigation or settlement of any claim, suit or proceeding that appears to involve indemnity by the account. This authority does not create a duty to investigate, handle, settle or defend any claims, suits or proceedings against a group self-insurer member;

(8)__To borrow funds;

(9)__To amend the bylaws and plan of operation established pursuant to paragraph B, subject to the approval of the Superintendent of Insurance; and

(10)__To exercise such other powers as are established in the plan of operation established pursuant to paragraph B.

D.__An account is subject to examination and regulation by the Superintendent of Insurance.__The board of directors of an account shall submit, within 120 days after the close of each fiscal year, an audited financial report and an actuarial report for the preceding fiscal year in a form approved by the superintendent.__When the superintendent considers it necessary, the superintendent may require an account to maintain specific or aggregate reinsurance at