(1) Owners or operators of storage tanks who are unable to demonstrate financial responsibility in the minimum amounts specified by the Division of Environmental Quality may establish an insurance pool in order to demonstrate such financial responsibility.
(2) The formation and operation of an insurance pool under this section shall be subject to approval by the Insurance Commissioner, who shall, after notice and hearing, establish through rules a method for approval and monitoring of such insurance pools.
(3) Such rules may include: Provisions for periodic examinations of financial condition, including inspection of books, papers, accounts, and affairs of the plan;
(4) Conditions for participation in the plan;
(5) Minimum amounts of cash reserves and insurance coverage to be acquired;
(6) Requirements for sound management of the plan;
(7) Grounds for suspension or withdrawal of approval of the plan; and
(8) Grounds for termination of the plan.