Before a self-insurance group may operate, the self-insurance group must obtain the approval of the Commissioner, including approval of its self-insurance agreement. Each self-insurance group must have combined net assets of at least $1,000,000. A self-insurance group shall pay all workers’ compensation benefits for which each member incurs liability during its period of membership. Each member of a self-insurance group is jointly and severally liable for the workers’ compensation obligations of the group and its members that are incurred during its period of membership. A member who elects to terminate its membership in or is canceled by a group remains jointly and severally liable for workers’ compensation obligations of the group and its members which were incurred during the canceled or terminated member’s period of membership. The insolvency or bankruptcy of a member does not relieve the self-insurance group or any other member of liability for the payment of workers’ compensation benefits incurred during the insolvent or bankrupt member’s period of membership.