California Code of Regulations › Title 8 - Industrial Relations › Division 1 - Department of Industrial Relations › Chapter 8 - Office of the Director › Subchapter 2 - Administration of Self-Insurance Plans › Article 3 - Security Deposit Requirements › Section 15211 - Allocation of the Security Deposit for Private Individual Self-Insurers

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The security
					 deposit of each private individual self insurer shall apply to all subsidiaries
					 and affiliates included under the Master Certificate of Consent to Self Insure
					 issued to that self insurer during its respective period of self insurance, and
					 no portion of the overall security deposit for that self insured plan may be
					 limited to any specific affiliate or subsidiary under the Master Certificate.
					 In the event that a subsidiary or affiliate certificate holder seeks to post a
					 separate security covering its self insured liabilities only, a separate
					 individual Certificate of Consent to Self Insure covering its period of self
					 insurance shall be issued to that self insured employer and liabilities shall
					 be transferred to a separate Certificate of Consent to Self Insure through an
					 Order Amending and Transferring Liabilities.
(b) For purposes of these regulations,
					 Section
					 189 of
					 the California Corporations Code shall be used to define "subsidiary
					 corporation" and "holding corporation."
(c) For purposes of these regulations, legal
					 entities with common ownership are sufficient to qualify for a common security
					 deposit and may be included as co-principals on the same surety bond, or as
					 named entities on a letter of credit, or as co-trustors on securities or a cash
					 deposit.
(d) The Manager may
					 require certification or other proof of stock ownership of the self-insured
					 subsidiary corporation or corporations before allowing a self insurer to be
					 included in the deposit of another self insurer.
(e) If the private holding corporation loses
					 its power to elect a majority of the directors of a subsidiary self-insured
					 corporation or corporations, the holding corporation and subsidiary corporation
					 or corporations shall notify the Manager within 30 days of the event.
1.
						Amendment filed 6-1-72; effective thirtieth day thereafter (Register 72, No.
						23).
2. Amendment filed 11-19-75; effective thirtieth day thereafter
						(Register 75, No. 47).
3. Amendment filed 11-21-78; effective
						thirtieth day thereafter (Register 78, No. 47).
4. Editorial
						correction to remove duplicate history note (Register 78, No.
						50).
5. Amendment filed 12-22-92; operative 1-21-93 (Register 93,
						No. 2).
6. Amendment of subsection (a) and new subsection (e) filed
						6-30-94; operative 6-30-94 (Register 94, No. 26).
7. Editorial
						correction of HISTORY 6 (Register 96, No. 52).
8. Amendment of
						section heading and section filed 3-2-2009; operative 3-2-2009 pursuant to
						Government Code section
						11343.4
						(Register 2009, No. 10).
Note: Authority cited: Sections
						  54,
						  55 and
						  3702.10, Labor
						  Code. Reference: Sections
						  129,
						  3700,
						  3700(b),
						  3701,
						  3702,
						  3702.5,
						  3702.6,
						  3703,
						  3704,
						  3705 and
						  3740-
						  3745, Labor
						  Code; and Section
						  189,
						  Corporations Code.