4-A.__Group self-insurance reinsurance account.__As an alternative to obtaining a reinsurance contract providing coverage against losses arising out of one occurrence, a group self-insurer may participate in a group self-insurance reinsurance account, referred to in this subsection as "an account," as provided in this subsection.__ More than one account may be established pursuant to this subsection.__Each account established pursuant to this subsection is an independent entity and an instrumentality of the State, but the debts and liabilities of an account are not debts and liabilities of the State.

A.__Any group self-insurer that is subject to joint and several liability pursuant to subsection 4, paragraph F may apply to reinsure through an account.

(1)__Upon the petition of 4 or more authorized group self-insurers, the Superintendent of Insurance may approve an account for the deposit of funds in lieu of reinsurance.

(2)__The account must indemnify its participating group self-insurer members for claims incurred during the account's operation.__The purpose of the account is to accumulate funds to provide coverage against losses arising out of one occurrence in excess of $500,000 or such other amounts as may be permitted or required for particular members consistent with the plan of operation established pursuant to paragraph B.

(3) A group self-insurer is deemed to be a member of the account for reinsurance coverage for purposes of a claim if the group self-insurer is a member of the account when an injury occurs or a covered occupational disease loss is incurred.

(4) A group self-insurer that reinsures through an account shall continue to make payments into that account in accordance with the plan of operation established pursuant to paragraph B.

(5)__A group self-insurer's participation in an account is considered as a component of the group self-insurer's renewal application.__A group self-insurer's membership in an account is considered adequate protection against losses arising out of a single occurrence unless the Superintendent of