(a) The board shall:
(1) approve contracts, other than liability insurance contracts issued by the pool to child-care facilities; and
(2) adopt premium rate schedules and policy forms for the pool.
(b) The board may:
(1) adopt rules as necessary for the operation of the pool;
(2) delegate specific responsibilities to the pool manager; and
(3) with the department's approval, amend the plan of operation as necessary to ensure the orderly management and operation of the pool.