Application for qualification; effective date of program.

1. A licensee wishing to qualify as a self-insured licensee must submit an application to the Board. The application must be signed by the licensee or, if the licensee is a corporation, by an officer of the corporation. 2. An application must include: (a) An audited financial report of the licensee’s business covering the 3 years immediately preceding the date of the application; and (b) A copy of the licensee’s proposed program of self-insurance. 3. A program of self-insurance becomes effective when it is approved by the Board or the Executive Director.