(a) Following approval to self-insure by the chair and the gaming commission, the fund shall establish a self-insurance reserve to provide coverage in the event that the fund is deficient. The board of directors of the fund shall establish an annual fee to be paid by owners and licensed trainers that are members of the fund for the purposes of contributing to the reserve. The reserve shall be established no later than 60 days following the approval to self-insure by both the chair and the gaming commission, on that date set forth pursuant to section 320.2(f) of this Part. At the time of establishment and annually thereafter, the fund shall provide the board with detailed information concerning the reserve. Such information shall include the financial institution holding the reserve as well as account information, the account balance, and any deposits to and debits from such reserve in the preceding year.

(b) The fund may at any time in its discretion expend moneys in such reserve to pay any liability of the plan.

(c) In the event the fund no longer self-insures, all moneys remaining in such reserve in excess of an amount sufficient to satisfy all accrued and contingent liabilities, shall be refunded to the owners and licensed trainers that are members of the fund in such manner as may be established by the board of directors of the fund.