(a) An alternative policy issued by the association must:
(1) be approved by the commissioner;
(2) provide coverage of a kind that the association determines is similar to the coverage of the policy issued by the impaired or insolvent insurer;
(3) contain at least the minimum provisions required by the statutes of this state; and
(4) provide benefits that are not unreasonable in relation to the premium charged.
(b) The association shall set the premium according to a table of rates the association adopts. The premium:
(1) must reflect:
(A) the amount of insurance provided; and
(B) each insured’s or enrollee’s age and class of risk; and
(2) may not reflect any change in an insured’s or enrollee’s health occurring after the original policy was most recently underwritten.

(c) The association may adopt various kinds of alternative policies to issue at a later date without regard to any particular impairment or insolvency.