(a) The liabilities of each member of a group self insurer for its period of self insurance shall be included within the security deposit of the group self insurer.
(b) Each security deposit posted by a group self insurer, regardless of type of deposit, shall be applicable to the liabilities of all members of the group self insurer and shall be amended, if necessary, to include all new members added to the group self insurer.
(c) No portion of the overall security deposit for a group self insurer may be allocated or limited to any specific affiliate or subsidiary under the Master Certificate of the group self insurer.
|Note: Authority cited: Sections 54, 55 and 3702.10, Labor Code. Reference: Sections 129, 3700, 3700(b), 3701, 3702, 3702.5, 3702.6, 3702.8, 3703, 3704, 3705 and 3744, Labor Code; and Section 189, Corporations Code.|
1. New section filed 3-2-2009; operative 3-2-2009 pursuant to GovernmentCode section 11343.4 (Register 2009, No. 10).