(a) To ensure that the pool is actuarially sound, the board shall:
(1) set the premium rates charged; and
(2) determine the maximum limits of insurance coverage provided.
(b) The pool manager, for the board’s consideration, shall:
(1) collect and compile statistical data relating to the insurance coverage provided by the pool, including relevant loss, expense, and premium data and other information;
(2) prepare the proposed premium rate schedules for the approval of the board; and
(3) prepare the maximum limits of insurance coverage.
(c) The board shall periodically reexamine the rate schedules and the maximum limits of insurance coverage as conditions change.