The association, pursuant to the provisions of this article and the approved plan of operation in respect to medical malpractice insurance, has the power on behalf of its members to:

1. (1) issue, or cause to be issued, policies of insurance to applicants including incidental coverages including, but not limited to, premises or operations liability coverage on the premises where services are rendered, all subject to limits of liability as specified in the plan of operation but not to exceed two hundred thousand dollars for each claimant under one policy and six hundred thousand dollars for all claimants under one policy in any one year;
2. (2) underwrite medical malpractice insurance and to adjust and pay losses with respect thereto or to appoint service companies to perform those functions;
3. (3) cede and assume reinsurance.