(1) The board shall submit a plan of operation, which must include a method or formula for determining premium assistance and premium incentive payment amounts, to the commissioner for his review and approval by November 15, 2005. The commissioner must approve the plan of operation before it can be implemented by the board.

(2) The commissioner may extend the deadline for submission of the plan of operation.

(3) The board may amend or add to the plan of operation at any time. Any changes to the plan of operation must be approved by the board and then submitted to the commissioner for review and approval. The commissioner must approve the amendments before those changes can become effective.