(a) The amount of securities, cash or the penal sum of the surety bond which a self-insurer is required to deposit, pursuant to section 361.3 of this Title, shall be determined by the chair. The number of employees involved, the covered payroll of employees eligible for benefits, the exposure, the financial standing of the applicant, and other factors which the chair may deem proper shall be given effect in fixing the amount.

(b) If employees contribute toward the cost of providing disability benefits only, under section 204 of the Workers’ Compensation Law, the minimum amount of deposit, subject to the deposit credit authorized under section 361.8 of this Title, may be computed under Table I of this section, on the basis of the estimated number of employees to be covered under the self-insurance program during the ensuing 12 months or the number who would have been covered during the preceding 12 months, whichever is the greater.

(c) In the chair's discretion, a deposit in excess of the minimum under section 361.3 of this Title, or this section, may be required.