The board of trustees of the multiple employer welfare arrangement as required by section 44-7607 shall:

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(1) Serve as a fiduciary of the trust;

(2) Be responsible as plan administrator for all operations of the health benefit plan;

(3) Have in effect rules of operation and financial control based on an annual plan of operation, adequate to carry out the terms of the health benefit plan and to meet all requirements of the Multiple Employer Welfare Arrangement Act;

(4) Consider applications of association members for participation in the multiple employer welfare arrangement; and

(5) Hold and maintain a stop-loss insurance policy pursuant to the requirements of section 44-7609.