(a) An employer who wishes to self–insure under § 9–402(a)(4) of this subtitle and a governmental self–insurance group that wishes to establish joint self–insurance coverage under § 9–402(a)(2) of this subtitle shall get the approval of the Commission for the self–insurance plan of the employer or governmental self–insurance group.
(b) To get the approval of the Commission for a self–insurance plan, an employer or a governmental self–insurance group shall apply to the Commission.
(c) The Commission may approve or deny the use of a self–insurance plan by an employer or a governmental self–insurance group.
(d) If the Commission denies the use of a self–insurance plan by an employer or governmental self–insurance group, the employer or governmental self–insurance group may apply to the Commission for approval to use another self–insurance plan.
(e) The Commission may revoke or modify its approval for use of a self–insurance plan if the Commission determines that revoking or modifying approval is reasonably necessary:
(1) to secure compensation; or
(2) except for a public service corporation under the jurisdiction of the Public Service Commission, to prevent or otherwise to reduce accidents.