(a) An applicant for a license as an electrical contractor must:
(1) be licensed under this chapter as a master electrician or employ a person licensed under this chapter as a master electrician;
(2) establish proof of financial responsibility in the manner prescribed by the executive director; and
(3) maintain workers' compensation coverage for the contractor's employees through an insurance company authorized to engage in the business of insurance in this state or through self-insurance, or elect not to obtain workers' compensation coverage, as provided by Subchapter A, Chapter 406, Labor Code.
(b) A person who holds a master electrician license issued or recognized under this chapter may only be assigned to a single electrical contractor, unless the master electrician owns more than 50 percent of the electrical contracting business.