The board shall select an insurer, insurers, or third-party administrators through a competitive bidding process to administer the pool. The board shall evaluate bids submitted based on criteria established by the board which shall include:

(1) The insurer’s proven ability to handle individual accident and health insurance;

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(2) The efficiency of the insurer’s claim-paying procedures;

(3) An estimate of total charges for administering the plan;

(4) The insurer’s ability to administer the pool in a cost-efficient manner.