(a) A corporation which has qualified as, or has applied to become, a self-insurer pursuant to the provisions of subdivision 3 of section 50 of the Workers' Compensation Law may apply to the chair for permission to establish a consolidated deposit with one or more subsidiary corporations of which it is the owner, directly or indirectly, of at least a majority of the voting shares. Such application shall be accompanied by an agreement, in the form prescribed by the chair, duly approved by the board of directors of each corporation that the corporate parties and the aggregate amount of securities and/or cash, the aggregate amount of the penal sums of the surety bonds and/or the aggregate amount of the letters of credit deposited or to be deposited with the chair by them, individually and collectively, at all times shall be liable and shall be available, at the discretion of the chair, for the payment of any and all compensation, death benefits, administrative expenses, assessments, and/or other charges or obligations for which the corporation and/or each and every one of the subsidiary corporations shall be liable under the Workers' Compensation Law and under the rules and regulations of the Workers' Compensation Board and/or of its chair.

(b) A not-for-profit corporation which has qualified as, or has applied to become, a self- insurer pursuant to the provisions of subdivision 3 of section 50 of the Workers' Compensation Law may apply to the chair for permission to establish a consolidated deposit with one or more not-for-profit corporations of which it is the owner, directly or indirectly, of at least a majority interest. For purposes of this section, a determination of majority interest shall be based on: (1) the majority of the members of each such entity; or (2) the majority of the board of directors or comparable governing body of each such entity; or (3) the same central authority which appoints or controls the appointment of the board of trustees or similar body and exercises direct, complete and active control over the finances, properties, operations and activities of separate legal entities. Such application shall be accompanied by an agreement, in the form prescribed by the chair, duly approved by the board of directors of each not-for-profit corporation that the corporate parties and the aggregate amount of securities and/or cash, the aggregate amount of the penal sums of the surety bonds and/or the aggregate amount of the letters of credit deposited or to be deposited with the chair by them, individually and collectively, at all times shall be liable and shall be available, at the discretion of the chair, for the payment of any and all compensation, death benefits, administrative expenses, assessment, and/or other charges or obligations for which the corporation and/or each and every one of the entities in which the not-for-profit corporation has a majority ownership interest shall be liable under the Workers' Compensation Law and under the rules and regulations of the Workers' Compensation Board and/or of its chair.

(c) The chair, in his or her discretion, may permit the establishment of a consolidated deposit of securities and/or cash in an amount and/or the filing of surety bonds in an aggregate penal sum and/or of letters of credit in an aggregate amount which shall be determined in accordance with the provisions of the Workers' Compensation Law and with the rules and regulations promulgated thereunder.