(1) The Mississippi Workers’ Compensation Commission is hereby authorized and directed to review and make recommendations to the Legislature concerning alternative systems of workers’ compensation for the State of Mississippi. The commission shall evaluate (a) the feasibility of group self-insurance and a self-insurance guarantee fund; (b) the deregulation of compensation insurance rates, including the impact of reserving practices, return on investments and profitability on workers’ compensation ratemaking; (c) structural alternatives, such as the utilization of a state fund to operate the compensation system; and (d) the provisions of vocational rehabilitation services for covered employees. The Mississippi Department of Insurance shall cooperate and assist the Workers’ Compensation Commission in preparing its recommendations.

(2) The Mississippi Workers’ Compensation Commission may employ an actuary and such other staff as may be required to properly conduct this study. The expense of this study shall be paid from the administrative expense fund as provided in Section 71-3-97, Mississippi Code of 1972.

(3) The Mississippi Workers’ Compensation Commission shall file its report with the Clerk of the House of Representatives and the Secretary of the Senate, together with recommendations for legislation, no later than December 15, 1987, with respect to the subject matter set forth in paragraphs (1)(a) and (1)(d) and no later than November 1, 1988, with respect to the subject matter set forth in paragraphs (1)(b) and (1)(c).