(a) A joint insurance arrangement may not be considered insurance for the purpose of any other law of the state and is not subject to regulations adopted by the director.
(b) By October 1 of each year, the administrator of a joint insurance arrangement shall prepare and deliver to the Legislative Budget and Audit Committee and the director a report showing the true and correct financial condition of the joint insurance arrangement. The report must (1) be attested to by the administrator and the board of directors;
(2) include an analysis, certified by a member of the American Academy of Actuaries, of the sufficiency of the loss reserves; and
(3) be certified by a certified public accountant.