(a) In addition to the deposit of securities and/or cash and/or the filing of a surety bond and/or irrevocable letters of credit required by the chair, the applicant shall provide security against catastrophic loss arising out of one accident, by filing with the chair the carrier's certification of an excess, reinsurance contract issued to the self-insurer in form, content and amounts acceptable to the chair; such contract must be issued by an insurance carrier authorized by the Superintendent of Insurance to write said excess contract in New York State, and must contain specific coverage for workers' compensation.

(b) The requirement of subdivision (a) of this section may be waived under special circumstances, at the discretion of the chair.