(a) All employers who elect to be self-insurers for workers’ compensation as provided in Article 1, other than self-insurers which are governmental entities, or public utilities, shall be members of the association as a condition of their authority to self-insure. Membership shall be sufficient security for self-insurance.
(b) Membership in the association shall cease when the employer terminates its self-insurance election. However, terminating members shall be and remain liable for the period of time in which they were members of the association and for any subsequent assessments made for that period.
(c) Membership in the association may be terminated for nonpayment of assessments.
(d) The association shall not issue stock and its members shall not, as such, be liable for its obligations.