The commissioners shall prepare, or cause to be prepared, a plan of risk management for the joint insurance fund. The plan shall include, but not be limited to:
a. The perils or liability to be insured against;
b. Limits of coverage, whether self-insurance, direct insurance purchased from a commercial carrier, or reinsurance;
c. The amount of risk to be retained by the fund;
d. The amount of reserves to be established;
e. The proposed method of assessing contributions to be paid by each member of the fund;
f. Procedures governing loss adjustment and legal fees;
g. Coverage to be purchased from a commercial insurer, if any;
h. Reinsurance to be purchased, if any, and the amount of premium therefor;
i. Such other procedures and information as the Commissioner of Insurance may require by rule or regulation.