Section 61. Every foreign insurance company transacting the business of workers' compensation insurance in the commonwealth shall furnish a bond running to the commonwealth, with some surety company authorized to transact business in the commonwealth as surety, for such term and such amount and in such form as may be approved by the commissioner of insurance, the bond being conditioned upon the making of the deposits required by the following section. The annual license of such a company shall not be issued or renewed until it has filed with the commissioner a bond as aforesaid covering a future period at least as long as that covered by the license. In place of a bond as aforesaid the company may furnish other security, upon a like condition, satisfactory to the commissioner.