A group self-insurance fund shall not function as a means of sharing among its members an interlocal risk management agency risk of loss until the interlocal risk management agency administering such fund shall have received: (1) For public liability and workers' compensation: Each fund shall have an annual gross premium, calculated in accordance with the applicable manual premium rate or rates, plus or minus applicable experience credits or debits, of not less than two hundred thousand dollars. (2) For accident and health protection: Each fund shall have an annual gross premium of not less than two hundred thousand dollars. (3) For coverage for those risks defined in R.S. 22:47(3), (6), (7), and (10): Each fund shall have an annual gross premium of not less than two hundred thousand dollars.
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