Section 160-II. Securing of compensation

1. Within two hundred ten days of
  the effective date of this article, the fund shall secure the payment of
  workers' compensation  to  all  black  car  operators  entitled  thereto
  pursuant to this chapter by either: (a) self-insuring in accordance with
  subdivision  three of section fifty of the workers' compensation law and
  the rules promulgated by the board  pursuant  to  such  section  or  (b)
  purchasing workers' compensation insurance covering, on a blanket basis,
  all black car operators who are the fund's employees pursuant to section
  two of the workers' compensation law.
    2. If the fund initially seeks to apply to the board for authorization
  to  self-insure  pursuant  to  subdivision three of section fifty of the
  workers'  compensation  law,  it  shall  submit  its   application   and
  accompanying  proof  to  the  board within one hundred fifty days of the
  effective date of this article. The board shall notify the fund and  the
  secretary   in  writing  of  any  change  in  the  fund's  status  as  a
  self-insurer or of any additional requirements that the board  may  deem
  necessary for continuation of such status.
    3.  If the fund chooses to secure the payment of workers' compensation
  pursuant to the workers' compensation law  by  purchasing  an  insurance
  policy  from  the  state insurance fund or a, licensed insurer, it shall
  file  with  the  department  no  later  than  thirty  days   after   the
  commencement of a new policy year a copy of the policy it has purchased.
  In  such  case,  the  department  shall  be  treated by the insurer as a
  certificate holder for purposes of receiving notice of  cancellation  of
  the policy.
    4.  No provision of this article shall be construed to alter or affect
  the liability  under  the  workers'  compensation  law  of  any  central
  dispatch  facility with respect to black car operators prior to the fund
  liability date.