(a)    In this section, “service company” means a person that provides services that are not provided by the administrator, including:

(1)    claims adjustment;

(2)    safety engineering;

(3)    compilation of statistics and the preparation of premium, loss, and tax reports;

(4)    preparation of other required self-insurance reports;

(5)    development of members’ assessments and fees; and

(6)    administration of a claim fund.

(b)    The Commissioner shall adopt regulations to carry out this subtitle.

(c)    The regulations shall include:

(1)    classifications of businesses and industries, based on the type of activity conducted by the business or industry, within which employers may join together in self-insurance groups;

(2)    for each classification:

(i)    a minimum level of contribution of at least $250,000 in premiums collected from or pledged by members of a self-insurance group to a fund from which workers’ compensation claims will be paid;

(ii)    a minimum level of excess insurance coverage that must be obtained by each self-insurance group;

(iii)    a requirement that the minimum levels of excess insurance adopted under this subtitle may be satisfied by placing, in a depository that the Commissioner designates, securities in a form and amount that the Commissioner requires; and

(iv)    a surety bond of at least $100,000 that must be obtained by each self-insurance group;

(3)    conditions under which contributions by members of a self-insurance group may be rebated or temporarily suspended;

(4)    for each administrator or service company, a bond that the Commissioner may require in addition to any other required bond; and

(5)    a requirement that the governance of the group be under the control of its members.