(a) Any group or groups of employers who are engaged in similar business activities may establish a fund or funds provided that:
(1) Such fund or funds shall comply with the provisions of this article;
(2) Separate classes, as described in Code Section 34-9-152, may not be commingled in any fund; and
(3) Such fund or funds shall be established by one or more professional or trade associations.
(b) Any professional or trade association may establish a fund or funds.
(c) Any fund established prior to January 1, 1995, and which is operating in compliance with this article or in compliance with the requirements of the applicable rules and regulations of the Commissioner shall be deemed to be in compliance with this article.