New York Codes, Rules and Regulations
Title 12 - DEPARTMENT OF LABOR
Chapter V - Workers' Compensation
Subchapter B - Self-insurers
Part 315 - Regulations
Section 315.5 - Withdrawal of securities or cash; nonrenewal of letters of credit: termination of surety bond
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Withdrawal of securities or cash; nonrenewal of letters of credit.
(b) Termination of surety bond. The chair, upon receipt of notice of termination of a surety bond filed by a self-insurer with the chair, may make demand upon the self-insurer to deposit with the chair, within 10 days after demand, securities or cash or file irrevocable letters of credit in an amount determined in accordance with sections 316.1, 316.2 and 316.3 of this Title. If the self- insurer fails to comply with such demand in the manner and sum and within the period required, the privilege of self-insurance may be terminated.