Hawaii Regulations 12-10-94
From Wcc
§ 12-10-94 Self-insurance; application; duration; cancellation; revocation.
| (a) An employer desiring to maintain security for payment of compensation under section 386-121(a)(3), HRS, shall file an application with the director on a form provided for this purpose together with its most current audited annual financial statement.
(b) Where an applicant for self-insurance is a subsidiary and the subsidiary cannot submit an independent current audited annual financial statement, in lieu thereof an indemnity agreement approved as to form and content by the director shall be executed by the parent corporation of the subsidiary and submitted with its application. (c) Each self-insurance authorization shall be effective from date of issue to June 30 of each calendar year. (d) A notice of intention to cancel self-insurance shall be submitted in writing to the director within at least thirty days prior to the effective date of cancellation. (e) A self-insurance authorization may be revoked by the director for good cause upon notification in writing to the self-insurer. [Eff: 4/30/81] (Auth: HRS § 386-72) (Imp: HRS §91-2) |
