(a) Unless an election is made in accordance with this section, a sole proprietor is not a covered employee.
(b) A sole proprietor may elect to be a covered employee if the proprietor devotes full time to the business of the proprietorship.
(c) An election under this section is not effective until the proprietor submits to the Commission and to the insurer of the proprietor a written notice that names the individual who is to be a covered employee.