Each indemnitor must have assets in excess of the total amount the payee is expected to receive for a period of two years. The indemnification agreements must be executed by two individuals other than the payee and be approved by the court. The agreements must be filed with the clerk of the court and a certified copy thereof served upon the Comptroller. Each indemnitor shall designate the clerk of the court and his successors in office as a person upon whom service of any process issuing from the court may be made in like manner, and with like effects as if served personally upon the indemnitor whenever such indemnitor after the exercise of due diligence cannot be found and served within the State of New York.