(b) To make effective a contract of insurance to provide benefits pursuant to section 211 of the Workers' Compensation Law, each insurance carrier shall either:

1. (1) apply for acceptance by the chair of one or more forms of insurance contract, on acceptance of each such form the chair will assign to it an identifying number. The carrier may thereafter, and until acceptance of such contract form has been revoked by the chair or its approval rescinded by the Superintendent of Financial Services, file with the chair a satisfactory certificate that it has issued an insurance contract in the accepted form, giving the required information with regard thereto; or
2. (2) apply promptly to the chair for acceptance of an insurance contract as written and issued.

(c) Subject to acceptance of the underlying plan, if any, acceptance of each insurance contract shall be effective as follows:

1. (1) A contract for which a certificate is filed pursuant to paragraph (b)(1) of this section shall be effective as of the issue date of the contract, provided the certificate is promptly filed with the chair.
2. (2) A contract for which an application is filed pursuant to paragraph (b)(2) of this section shall be effective as of the issue date of the contract, provided the insurance carrier's application for acceptance of the contract and preliminary certificate, both in form prescribed by the chair, have been promptly filed with the chair.