N.Y. Comp. Codes R. & Regs. tit. 12 § 361.8

Current through Register Vol. 46, No. 42, October 16, 2024

Section 361.8 - Revocation of self-insurance status; self-insurance deposit credit

(a) The chair may revoke consent to self-insurance at any time for good cause. Failure to comply with these regulations and rules, or with any award, order or direction of the chair, or the board, either by the self-insurer or an employer or employers for whose employees benefits are provided by the self-insurer, is cause for revocation.

(b) If an approved self-insurer has deposited securities, irrevocable letters of credit or cash under subdivision 3 of section 50 of the Workers' Compensation Law, the chair in his or her discretion may reduce the amount of deposit or of the penal sum of the bond required under article 9 of the Workers' Compensation Law, provided the self-insurer has, by agreement satisfactory to the chair, made all such deposited securities, irrevocable letters of credit or cash available for the payment of unpaid benefits under article 9 of the Workers' Compensation Law with respect to obligations incurred for disabilities commencing prior to the effective date of the chair's revocation of his or her approval of an applicant's self-insurer status under article 9 of the Workers' Compensation Law.

N.Y. Comp. Codes R. & Regs. Tit. 12 § 361.8

Amended New York State Register July 19, 2017/Volume XXXIX, Issue 29, eff. 7/19/2017