(a) A certificate of approval remains in effect until terminated at the request of the group or revoked by the commissioner.
(b) The commissioner may not grant the request of any group to terminate its certificate of approval unless the group has insured or reinsured all incurred workers’ compensation obligations with an authorized insurer under an agreement filed with and approved in writing by the commissioner. For purposes of this subsection, those obligations include:
(1) known claims and expenses associated with those claims; and
(2) incurred but not reported claims and expenses associated with those claims.