Administrative regulations. (1) No less than annually, the Health Insurance Advisory Council shall review the list of high-cost conditions established under KRS 304.17B-001(14) and recommend changes to the director of the Division of Health Benefit Exchange. The director may accept or reject any or all of the recommendations and may make whatever changes by administrative regulation the director deems appropriate. The council, in making recommendations, and the director, in making changes, shall consider, among other things, actual claims and losses on each diagnosis and advances in treatment of high-cost conditions. (2) The director may by administrative regulation add to or delete from the list of high- cost conditions for Kentucky Access.