Section 25H. (1) The certificate of approval issued by the commissioner of insurance to a workers’ compensation self-insurance group authorizes the group to provide workers’ compensation benefits. The certificate of approval remains in effect until terminated at the request of the group or revoked by the commissioner of insurance pursuant to the provisions of section twenty-five U.
(2) The commissioner of insurance shall 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 said commissioner. Such obligations shall include both known claims and expenses associated therewith. Subject to the approval of the commissioner of insurance, a group may merge with another group engaged in the same or similar type of business only if the resulting group assumes in full all obligations of the merging groups. A public employer group may only merge with another public employer group. The commissioner of insurance may hold a hearing on the merger and shall do so if any party, including a member of either group, so requests.