(a) The commissioner shall establish the fund and oversee its administration. The functions of the commissioner may include the following:(1) choosing a firm or firms, to administer the fund, based on an evaluation of competitive bids received in a public procurement process;(2) granting approval of the general systems and procedures used by the firm or firms to administer the fund, including procedures utilized to verify the appropriateness of payments from the fund to any participating health benefit plan issuer;(3) making payment of reasonable fees from the fund to the firm or firms for administration of the fund;(4) changing the administrating firm or firms, or the administrative systems and procedures, if necessary;(5) collecting necessary data from participating health benefit plan issuers;(6) arranging for periodic audits of participating health benefit plan issuers and for the payment of reasonable fees for such audits from the fund; and(7) reviewing and approving the format and content of the annual report of the administrating firm or firms regarding the affairs and operation of the fund, and requiring such other reports as are deemed necessary by the commissioner.(b) A participating health benefit plan issuer must respond to requests for information from the commissioner and/or the fund administrator(s) within 15 business days of the date on which the request for information is made.