Any private employer as defined in RSA 281-A:2, VIII, or any group or association of homogeneous employers may, subject to RSA 281-A:5, III, and any rules adopted to enforce such section, self-insure for workers' compensation coverage provided that such employer or group or association of homogeneous employers shall:
I. Establish and maintain appropriate loss reserves determined in accordance with sound actuarial principles.
II. Maintain specific excess insurance.
III. Make all contracts with administrators or service companies available for inspection by the commissioner upon reasonable notice.