(a) Each private individual employer applicant for self insurance shall execute an Agreement and Undertaking For Security Deposit as part of the application process.
(b) Each security deposit shall be posted in accordance with the provisions of the Agreement and Undertaking.
(c) The form of such Agreement and Undertaking shall be supplied by the Manager as part of the application (Form A4-1 (Rev. 2/92) for an individual private employer).
(d) The Agreement and Undertaking for Security Deposit (Form A 4-32 (Rev. 12/92)), included as part of the application) shall confirm the applicant employer's agreement to secure incurred liability for the payment of compensation as a condition to issuance of a Certificate of Consent to Self Insure by posting a security deposit with the State of California to be held by the Department of Industrial Relations in trust for the applicant employer, with power to the Director of Industrial Relations to order the sale or use of said security deposit to pay any compensation that may become due and of which said employer may be in default.
|Note: Authority cited: Sections 54, 55 and 3702.10, Labor Code. Reference: Sections 59, 3701, 3701.5 and 3702.10, Labor Code.|
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