The director shall enter into contracts pursuant to subdivision (a) of Section 123185 only with insurers that meet all of the following criteria, as determined by the director:
(a) The insurer shall be actuarially sound.
(b) The insurer shall be fully self-supported by its policy premiums or charges and investments.
(c) The insurer shall use advertising that is accurate.
(Added by Stats. 1995, Ch. 415, Sec. 8. Effective January 1, 1996.)