The Department of Labor and Regulation shall set, by rules promulgated pursuant to chapter 1-26 , the amount of the application fee. All fees paid to the department pursuant to this section shall be deposited with the state treasurer and shall be credited to the Department of Labor and Regulation special revenue fund which is hereby created. The money deposited shall be dedicated and continuously appropriated to the department for purposes of conducting an actuarial review of the applicant's financial condition and automating the administration of the workers' compensation law. Upon receiving satisfactory proof of financial solvency and surety for performance required by § 62-5-10 , the department shall issue a certificate of exemption relieving the employer of the obligation to purchase worker's compensation insurance provided in §§ 62-5-2 and
Each employer shall submit an application fee not to exceed two thousand five hundred dollars to the Department of Labor and Regulation at the time proof of solvency is submitted
— under INSURANCE AND SECURITY FOR PAYMENTS.