[Code of Federal Regulations]
[Title 20, Volume 3]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 20CFR703.309]

[Page 915]
 
                      TITLE 20--EMPLOYEES' BENEFITS
 
  CHAPTER VI--EMPLOYMENT STANDARDS ADMINISTRATION, DEPARTMENT OF LABOR
 
PART 703--INSURANCE REGULATIONS--Table of Contents
 
Sec. 703.309  Increase or reduction in the amount of indemnity bond or negotiable securities.

    Whenever in the opinion of the Office the principal sum of the 
indemnity bond filed or the amount of negotiable securities deposited by 
a self-insurer is insufficient to afford adequate security for the 
payment of compensation and medical expenses under said Act, the self-
insurer shall, upon demand by the Office, file such additional indemnity 
bond or deposit under the regulations in this part such additional 
amount of negotiable securities as the Office may require. At any time 
upon application of a self-insurer, or on the initiative of the Office, 
when in its opinion the facts warrant, the principal sum of an indemnity 
bond required to be given or the amount of negotiable securities 
required to be deposited may be reduced. A self-insurer seeking such 
reduction shall furnish such information as the Office may request 
relative to his current affairs, the nature and hazard of the work of 
his employees, the amount of the payroll of his employees engaged in 
maritime employment within the purview of the said Act, his financial 
condition, his accident experience, and such other evidence as may be 
deemed material, including a record of payments of compensation made by 
him.