New York Codes, Rules and Regulations
Title 12 - DEPARTMENT OF LABOR
Chapter V - Workers' Compensation
Subchapter H - Disability Benefits
Article 1 - Regulations Under Disability Benefits Law
Part 361 - Self-insurance Regulations
Section 361.7 - Termination of self-insurer's status and withdrawal of security deposit
Current through Register Vol. 46, No. 12, March 20, 2024
(a) A self-insurer which has terminated its self-insurer status, or as to which approval for self-insurance has been withdrawn pursuant to section 361.8 of this Part, may apply to the chair for termination of its status as a self-insurer and for the return of its security deposit or cash, letter of credit, or cancellation of the surety bond.
(b) After the lapse of 24 months and proof satisfactory to the chair that all claims have been finally adjudicated and paid; that all fines, penalties, expenses and assessments have been paid; that the balance of employee contributions have been disposed of satisfactorily; and that the self-insurer has otherwise complied with the applicable provisions of law, regulations and rules, and provisions of the self-insurer's agreement, the chair may release the securities or cash, letter of credit deposited, or permit cancellation of the surety bond.
