(1) Any insurer assuming a workers' compensation risk shall carry it until the policy is canceled, either:
(a) by agreement between the Division of Industrial Accidents in the Labor Commission, the insurer, and the employer; or
(b) after:
(i) notice by the insurer to the employer as provided in Section 31A-21-303; and
(ii) notice to the Division of Industrial Accidents in the Labor Commission as provided in Section 34A-2-205.
(2) Subsection (1) does not affect the requirements of Section 31A-22-1001.