Reports as to financial standing, payroll records, insurance coverage, accident experience, compensation payments, and such other reports as are required to be filed shall be made at the following times and in the following manner: Each fund shall file a statement of financial condition annually prepared by a certified public accounting firm. The financial statement shall show evidence that the fund has surplus sufficient to pay 1 year of estimated claim payments. Summary loss data shall be filed on each fund member within 60 days after the annual evaluation date of the losses being reported, in a manner as prescribed. Full actuarial reports and loss runs shall be provided annually. The Commission may request these reports more frequently. Classified, audited, and properly limited payrolls on each fund member shall be submitted on an annual basis or upon special request on forms prescribed. A certified copy of the minutes of all trustee meetings shall be submitted by the fund administrator within 30 days of approval but not less than 45 days after the meeting date. Members of a governmental self-insurers' group shall be subject to an experience rating plan for the purpose of determining the modified insurance rate to develop compensation premiums. The experience rating formula promulgated by the National Council on Compensation Insurance or other formula approved by the group and the Commission shall be used in determining the modified premium. Annually, or as otherwise prescribed, the modified premium for each member shall be approved by the trustees. The trustees of any governmental group fund may apply a penalty rate in excess of the normal premium to any risk with an unfavorable loss experience, provided the members and the Commission are notified in writing before the effective date of the change in rates. Any fund which fails or refuses to file the above reports within the time limits prescribed in these regulations or whose filed reports indicate the fund is not operating in accordance with these regulations shall be notified that its authority to be self-insured shall be terminated and the grounds for the termination. The fund may request a hearing in accordance with the regulation.