(a) Within sixty (60) days following June 26, 1985, the governing board shall submit the plan to the Insurance Commissioner for his or her approval.
(b) When the plan has been approved by the commissioner, all insurance companies authorized to transact the kinds of insurance set forth in § 23-88-303 shall subscribe to and participate in the plan.
(c) If no plan meeting the purpose set forth in § 23-88-301 is submitted to the commissioner within the period of time specified, the commissioner shall prepare and promulgate a plan meeting those requirements. The commissioner may designate one (1) or more insurers or other agencies to assist him or her in the preparation, operation, and promulgation of a plan.
(d) Notwithstanding the provisions contained in this section, no application shall be submitted to or accepted by the plan until the commissioner has determined, after a hearing, that a need for the implementation of the plan exists.