No employer, or association of employers, shall be self-insured without the commissioner's authorization. Authorization shall be evidenced by a permit. No permit shall be issued by the commissioner unless an employer, or association or group of employers, has furnished satisfactory proof of financial ability through submission of a surety bond, parent company agreement, certified financial statements, proof of excess insurance, and willingness to make direct payment of workers' compensation benefits in accordance with Lab 405.

Source. #2264, eff 1-6-83; ss by #2935, eff 12-27-84, EXPIRED: 12-27-90 New. #5235, eff 9-27-91, EXPIRED: 9-27-97 New. #6631, INTERIM, eff 11-16-97, EXPIRED: 3-16-98 New. #6806, eff 7-18-98; ss by #8682, INTERIM, eff 7-15-06, EXPIRED: 1-11-07 New. #9019, eff 11-1-07; ss by #11066, eff 4-1-16