S.C. Code Regs. § § 67-1512

Current through Register Vol. 48, No. 10, October 25, 2024

Section 67-1512 - Voluntary Withdrawal from a Self-Insurance Program and Cancellation of a Member's Self-Insurance Privileges

A. A self-insured employer may withdraw its privileges to self-insure by notifying the Self-Insurance Division in writing of its intent to withdraw. Withdrawal shall not be deemed effective until thirty days after the date the Self-Insurance Division receives notice of intent to withdraw.

B. A member of a self-insurance fund may withdraw from a fund by the fund's notice to the Self-Insurance Division in writing of the members intent to withdraw. Withdrawal is not effective until thirty days after the date the Self-Insurance Division receives the written notice of intent to withdraw.

C. A self-insurance fund may cancel a member's self-insurance privileges by notifying the Self-Insurance Division in writing of its intent to cancel membership. Cancellation shall not be deemed effective until thirty days after the date the Self-Insurance Division receives notice of cancellation. Membership in a fund may be reinstated, without a lapse in coverage, by notifying the Self-Insurance Division in writing of renewal. Notice of renewal must be filed with the Self-Insurance Division at least thirty days from the date of the notice of cancellation to avoid a lapse in coverage, unless the letter states the reinstatement is retroactive.

D. The Commission may assess a penalty of not less than one hundred dollars but not more than two hundred and fifty dollars for the refusal or neglect to notify timely the Self-Insurance Division of the intent to withdraw and cancellation.

S.C. Code Regs. § 67-1512