58Where authorized by the Lieutenant-Governor in Council the Commission may make or sanction any arrangement for the insurance or re-insurance, with an underwriter or underwriters, of any employer or class under this Part, subject to such terms and conditions as the Commission may prescribe, and may make any necessary or equitable adjustment of the assessment of such employer or class, having in view any premium paid on such insurance or re-insurance, but all claims for compensation shall be adjusted and paid by the Commission.