(2) Each insurer transacting workers’ compensation insurance shall adhere to the policy forms filed by the licensed workers’ compensation rating organization of which the insurer is a member and approved by the Director of the Department of Consumer and Business Services. [1969 c.690 §19; 1971 c.385 §4; 1977 c.333 §1; 1981 c.535 §18; 1999 c.235 §3]