(a) Every employer shall secure the payment of compensation under this chapter by insuring with the Workers’ Compensation Fund created by this chapter.
(b) The insurance of each employer shall be in force immediately after his statement has been filed with the Commissioner of Labor together with the amount of the premium corresponding to the wages declared in said statement and in accordance with the rates fixed by the Commissioner of Labor, provided that an accident that occurs before payment of said premium is made shall be considered as a case of an uninsured employer, unless the employer pays within the term fixed by the Commissioner of Labor, in which case, the insurance shall become effective from the date the employer filed the statement.
(c) [Repealed.]
(d) [Reserved.]
(e) When an employer becomes insolvent, a claim by the Workers’ Compensation Fund for premiums and interest due shall be a preferred claim in the bankruptcy, trustee or receivership process.