A group self-insurer shall, within 30 days of the execution of a new group member's prescribed participation agreement, notify the chair on a prescribed form of such new group member and filed an individual group member application and a copy of the properly executed prescribed participation agreement. Coverage within the group will become effective upon execution of the group member application and participation agreement, except in the case of a withdrawal from policy coverage governed by subdivision (a) of section 94 of the Workers' Compensation Law. In the event the board subsequently rejects the application, the group must file a notice of termination, in accordance with section 317.14(a) of this Part, within 30 days after the notice of rejection.