Trust instrument - Mandatory provisions. In addition to the requirements of Section 60 of this act, the trust instrument shall provide:
1. That there shall be a minimum period during which any insured must participate in the trust;
2. That all insureds shall execute a participation agreement;
3. That the trustee shall be an individual or an institution such as a bank, insurance company or other appropriate entity;
4. A preliminary assessment of all insureds for initial expenses necessary to commence operation;
5. For establishment of necessary facilities;
6. Details of the management of the trust;
7. Procedures for assessment of all insureds to defray losses and expenses;
8. Description of commission arrangements;
9. Description of reasonable and objective underwriting standards;
10. Procedures for and description of acceptance and cession of reinsurance;
11. Procedures for and descriptions of appointment of servicing carriers or other servicing arrangements; and 12. Procedures for determining amounts of insurance to be provided by the trust.