31. (1) Where the accident causes permanent disability, either total or partial, or the death of the worker, and the benefit is payable by the employer individually, the Commission may require the employer or his insurer to pay to the Commission such sum, as, with the interest at the rate which it determines, will be sufficient to meet the future payments to be made to the beneficiary; and the Commission, upon receipt of such sum, shall place it in a special fund to meet the payments to be made to such beneficiary. If such sum is insufficient to meet such payments, the employer shall be liable for the difference. But the balance, if any, when the right to benefit has been liquidated, shall, unless the Commission orders otherwise, be returned to the employer.
(2) The Commission, instead of requiring the employer to make the payment provided in subsection 1 of this section, may require him to give such security as it may deem sufficient guarantee for the performance by the employer of the obligations imposed upon him by this Act.