Aggregate excess insurance -- Standards for waiver and exemption -- Administrative regulations -- Eligibility to write excess liability coverage for group

Administrative regulations -- Eligibility to write excess liability coverage for group. (1) The commissioner shall promulgate administrative regulations setting forth the requirements for aggregate excess insurance and the standards for granting a waiver, but a workers' compensation self-insured group shall not be required to purchase aggregate excess insurance if the group's fund balance is thirty percent (30%) or more of earned premiums. (2) Except for a worker's compensation self-insured group granted a waiver or exempted under subsection (1) of this section, the trustees shall purchase aggregate excess insurance. (3) The trustees shall purchase specific excess insurance coverage with a limit of at least twenty-five million dollars ($25,000,000) per occurrence. (4) To be eligible to write excess liability coverage for a self-insured group, a casualty insurance company shall at all times maintain twenty-five million dollars ($25,000,000) of minimum policyholder surplus.