(a) As part of the revocation of a Certificate to Self-Insure pursuant to Sections 15422 and 15423 of these regulations, the Chief shall determine the need for a special revocation audit of the claims of any individual private self-insurer and the need for a deposit adjustment to secure future liabilities of the revoked private self-insurer pursuant to Labor Code Section 3701 and/or Section 3701.8.
(b) The amount of deposit required by the Chief on a revocation of a private self-insurer's certificate to self-insure may be at an amount above the minimum required by Labor Code Section 3701 and/or Section 3701.8. The Chief in his/her discretion shall adjust the amount of deposit down to secure the remaining workers' compensation liabilities for a revoked self-insurer as necessary over time as the liabilities of the remaining claims inventory are run off by the administrator.
Note: Authority cited: Sections 54, 55, 3701.8 and 3702.10, Labor Code. Reference: Sections 59, 129, 3700, 3701, 3701.5, 3701.8, 3702, 3702.3, 3702.6, 3702.8, 3740-3745, Labor Code.
1. New section filed 12-22-92; operative 1-21-93 (Register 93, No. 2).
2. Amendment of section heading, section and Note filed 5-30-2003 as an emergency; operative 5-30-2003 (Register 2003, No. 22). A Certificate of Compliance must be transmitted to OAL by 9-29-2003 or emergency language will be repealed by operation of law on the following day.
3. Certificate of Compliance as to 5-30-2003 order transmitted to OAL 9-29-2003 and filed 11-12-2003 (Register 2003, No. 46).
4. Amendment of subsection (a) filed 3-2-2009; operative 3-2-2009 pursuant to Government Code section 11343.4 (Register 2009, No. 10).
5. Amendment of section heading and section filed 12-14-2016; operative 1-1-2017 pursuant to Government Code section 11343.4(b)(3) (Register 2016, No. 51).