Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-34 - GROUP SELF-INSURANCE FUNDS
Rule 120-2-34-.08 - Termination of Membership

(1) A Fund may submit Termination Criteria to the Commissioner for approval. The criteria should stipulate reasons for terminating the relationship between the Fund and the member including, but not limited to, non-payment of premium, claims experience, and failure to report claims.

(2) A member electing to terminate its participation in the Fund shall submit to the Fund and to the Commissioner a Form GSF-4 entitled "Application for Termination of Membership in Group Self-Insurance Fund" at least ninety (90) days prior to the requested date of termination. If the Fund has an approved Termination Criteria in place, the member may submit a letter terminating its participation at least thirty (30) days prior to the requested date of termination.

(3) As a prerequisite to approval of termination of membership in the Fund, a member must demonstrate to the Commissioner, and to the Trustees, that it will, after termination, comply with its duty as an employer under O.C.G.A. § 34-9-1 through § 34-9-134.

(4) Except where termination criteria has been approved, within ten (10) days of receipt of the application for termination of membership, the Fund shall notify the Commissioner of the applicant's current standing, and state any reasons why the application should not be approved.