The director shall not register the trust fund if it is not qualified therefor. To be qualified, the trust fund:
(1) Shall require all application fees to be paid in advance and to be deposited in and disbursed from the trust fund duly created under this chapter.
(2) Shall have, or provide for, a trustworthy and responsible administrator for competent administration of the trust fund and plan.
(3) Shall provide that the administrator furnish to each insured owner or operator a contract of insurance adequately and clearly stating all rights and obligations of the insured owner or operator, together with all applicable restrictions, limitations and exclusions, and the procedure for filing a claim.
(4) Shall be actuarially sound; that is, assets, income and other financial resources of the trust fund must be adequate under reasonable estimates for payment of all claims, claims adjustment expenses, taxes, expenses and other obligations.
(5) Shall otherwise be in compliance with the provisions of this chapter.