Rules necessary to administer this chapter shall be promulgated jointly by the executive director and the state treasurer pursuant to chapter 1-26. Rules adopted pursuant to this section shall include policies and procedures governing the:
(1) Receipt of payments from purchasers on behalf of beneficiaries;
(2) Accounting and reporting to purchasers of payments deposited and invested in accordance with this chapter;
(3) Period of time during which the beneficiary may receive benefits under the contract;
(4) Terms and conditions under which contracts may be terminated or modified, refunds may be granted and direct payment of benefits may be made pursuant to § 13-55E-11;
(5) Provisions of contract benefits at institutions of higher education;
(6) Payment to institutions of higher education on behalf of beneficiaries;
(7) Imposition of fees to cover costs incurred for the administration of this chapter not to exceed the limitation imposed under § 13-55E-9; and
(8) Other terms, conditions, and provisions determined necessary for advanced payment contracts and benefits provided under contracts.