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Chapter 8. Office of the Director
Subchapter 2. Administration of Self-Insurance Plans
Article 10. Revocation of a Certificate to Self-Insure or Certificate to Administer and Continuing Jurisdiction

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§15426. Release of Security Deposit.

(a) Upon any revocation of a private employer's certificate to self-insure, a new deposit level shall be determined by the Chief to be sufficient to secure all actual and potential liabilities. The former self-insurer shall continue to be responsible to increase the deposit at the written request of the Chief as required in Section 15210 of these regulations.
(b) Except as provided in Labor Code Section 3702.8(c), the deposit shall not be reduced below the required amount pursuant to Labor Code Section 3701.
(c) Upon issuance of an order of default pursuant to Labor Code section 3701.5, the self-insurer, or its estate, shall forfeit all right, title and interest in its security deposit and shall have no right to return of all or any portion of the security deposit from the Self-Insurers' Security Fund.
Note: Authority cited: Sections 54, 55 and 3702.10, Labor Code. Reference: Sections 54, 55, 59, 129, 3700, 3701, 3701.5, 3702, 3702.3, 3702.6, 3702.10, 3703, 3705, 3740-3745, Labor Code.
HISTORY
1. Amendment of section heading and newly designated subsection (a), and new subsection (b) and Note filed 11-24-93; operative 12-24-93 (Register 93, No. 48).
2. Amendment filed 12-14-2016; operative 1-1-2017 pursuant to Government Code section 11343.4(b)(3) (Register 2016, No. 51).


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