(a) The group self-insurer shall also file certificate(s) evidencing that excess insurance, as defined in section 317.2(f) of the Part, has been obtained to reduce the exposure of the group self-insurer:

1. (1) for workers' compensation claims; and

2. (2) for employers' liability.

   Such excess insurance must be in a form approved by the superintendent of insurance and must be issued by a property and casualty company licensed by the superintendent of insurance to write excess insurance in New York with respect to workers compensation insurance and employer's liability insurance as defined in paragraph (15) of subdivision (a) of section 1113 of the Insurance Law. The retention levels for the excess insurance shall be in an amount acceptable to the chair.