(1) The association shall be subject to examination and regulation by the commissioner.
(2) The board of directors shall submit to the commissioner each year, not later than 120 days after the association's fiscal year:
(a) a financial report in a form approved by the commissioner; and
(b) a report of its activities during the preceding fiscal year.
(3) At the request of a member insurer, the association shall provide the member insurer with a copy of a report submitted under Subsection (2).