A cooperative agreement must provide for the proper operation of the joint insurance arrangement and include provisions for
(1) administration of the arrangement by a board of directors, specifying the number of members of the board and other requirements necessary for the proper functioning of the board;
(2) appointment of an administrator and other persons as necessary for the proper functioning of the arrangement;
(3) organization of the arrangement, including a roster of participating members and the names of the members of the board of directors;
(4) procedures to establish and promote an aggressive risk management and program among the members of the arrangement, including procedures for identifying and reducing the risks that can be reduced through implementing better safety technologies and improved work techniques and procedures;
(5) enforcing the collection of contributions or payments in default from members of the arrangement;
(6) the addition of new members to the arrangement or the withdrawal of members from the arrangement;
(7) the method of apportioning costs and disposition of excess contributions;
(8) transmission of financial statements and audit reports of the arrangement to participating members;
(9) terminating the arrangement and disposing of its assets; and
(10) establishing and administering a joint insurance fund.
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