The association shall have the power, in its capacity as plan administrator, to contract for or delegate services as necessary for the efficient management and operation of the plan, including but not limited to:

(1) Contracting for risk management and loss control services;

(2) Designing a continuing program of risk reduction, calling for the participation of all subscribers;

(3) Contracting for legal counsel for the defense of claims and other legal services;

(4) Consulting with the commissioner, the secretary of social and health services, or other interested state agencies with respect to any matters affecting the provision of day care for the state's children, and related risk problems; and

(5) Purchasing commercial insurance coverage in the form and amount as the subscribers may by contract agree, including reinsurance, excess coverage, and stop-loss insurance.