California Regulations 15497.1

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§ 15497.1 Security Deposit Adjustment upon Revocation of Group Self Insurer or Group Member Certificates

(a) In the event of the revocation of a Certificate of Consent to Self Insure of a group self insurer or Affiliate Certificate of Consent to Self Insure of a group member, whether voluntarily or involuntarily, the Manager shall determine the need for a special revocation audit of the claims of the group self insurer and/or group member and the need for a deposit adjustment to secure future liabilities of the revoked group self insurer pursuant to Labor Code Section 3701 and Sections 15301 and 15497 of these regulations.

(b) The amount of security deposit and/or the deposit rate required by the Manager in conjunction with the revocation of the group self insurer's Certificate of Consent to Self Insure may be at an amount or rate above the minimum required by Labor Code Section 3701.

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 and 3744, Labor Code.