(a) Payment to the initial guaranty fund shall be:
(1) Made in money; and
(2) Evidenced by transferable deferred payment certificates.
(b) The approval of the Commissioner is required as to:
(1) The form of the transferable deferred payment certificates;
(2) The rate of interest that the holder of a certificate will be entitled to receive; and
(3) The terms under which and the pro rata installments by which the holder of a certificate will be repaid.