(a) An unincorporated association or business trust composed of five or more private employers may establish a workers' compensation self-insurance group under this chapter if the employers:
(1) are engaged in the same or a similar type of business;
(2) are members of a bona fide trade or professional association that has been in existence in this state for purposes other than insurance for at least five years before the establishment of the group; and
(3) enter into agreements to pool their liabilities for workers' compensation benefits and employers' liability in this state.
(b) This chapter does not apply to public employees or governmental entities.