(a) An employer who desires to self-insure under this chapter must submit an application to the division for a certificate of authority to self-insure.
(b) The application must be:
(1) submitted on a form adopted by the commissioner; and
(2) accompanied by a nonrefundable $1,000 application fee.
(c) Not later than the 60th day after the date on which the application is received, the commissioner shall approve or deny the application.
(d) During the pendency of the approval or denial of the application, the applicant may not operate as a self-insurer under this chapter.