Termination of membership. Insolvency or bankruptcy of member. Requirements for an employer to join group after its approval. Termination of membership. Insolvency or bankruptcy of member.
Membership takes effect no earlier than each member's date of approval.
The application for membership and its approval shall be maintained as permanent records of the board of trustees. In addition, individual members may elect to terminate their participation in the group. The group shall notify the Commissioner and Chairman of the Workers' Compensation Commission of a termination or cancellation of a member within ten days and shall maintain coverage of each cancelled or terminated member for thirty days after notice, at the terminating member's expense, unless the group is notified sooner by the Workers' Compensation Commission that the cancelled or terminated member has procured workers' compensation insurance, has become an approved self-insurer or has become a member of another group. The group shall pay all workers' compensation benefits for which each member incurs liability during its period of membership. A member who elects to terminate its membership or is cancelled by a group remains jointly and severely liable for workers' compensation obligations of the group and its members which were incurred during the cancelled or terminated member's period of membership.