(a) Upon approval to self-insure by both the chair of the board and the gaming commission, on the date established pursuant to section 320.2(f) of this Part, the fund shall remit to the board the assessment established by the chair pursuant to section 151 of the Workers’ Compensation Law, in the manner consistent with subdivision 5 of section 151 of the Workers’ Compensation Law, and the assessment established by the chair and the department of audit and control pursuant to paragraph (c) of subdivision 5 of section 50 of the Workers’ Compensation Law, in the manner set forth in paragraph (e) of subdivision 5 of section 50 of the Workers’ Compensation Law.

(b) Annually, no later than April 1st of each fiscal year, and for the duration that the fund elects to self-insure, the fund shall submit to the board all financial statements, payroll information, and workers’ compensation claims to continue its status as a self-insurer pursuant to subdivision 3 of section 50 of the Workers’ Compensation Law.

(c) Annually, based upon the financial information submitted, the chair shall reassess the fund’s proof of the financial ability to self-insure. Upon completion of such review, the chair may adjust the required security. If additional security is required to be posted, the fund shall submit such amounts within 90 days of notification. In the event that such additional security is not posted, the chair may determine that the proof of financial ability to pay workers compensation is insufficient for good cause shown, and the fund’s self-insurance status may be terminated.

(d) Any owner or trainer that is licensed under article 2 or 4 of the Racing, Pari-Mutuel Wagering and Breeding Law and that is a member of the fund shall not charge any jockey, apprentice jockey, or exercise person for any portion of the cost of joining and/or being a member of the fund. In the event the fund elects, with the approval of the gaming commission, to secure workers’ compensation insurance for employees of licensed trainers or owners, owners and licensed trainers that are members of the fund shall not charge said employees for any portion of the cost of joining and/or being a member of the fund.