The board shall select an insurer, insurers, or third-party administrators through a competitive bidding process to administer the pool. The board shall evaluate bids submitted based on criteria established by the board which shall include:
(1) The insurer's proven ability to handle individual accident and health insurance;
(2) The efficiency of the insurer's claim-paying procedures;
(3) An estimate of total charges for administering the plan;
(4) The insurer's ability to administer the pool in a cost-efficient manner.