Relates to the requirement for policyholders to provide 30 days notice to withdraw from the state insurance fund

This bill modifies the rules for employers leaving the state workers' compensation insurance fund by requiring them to provide a 30-day written notice before their insurance contract is cancelled. Under the new provisions, the fund must file a notice of cancellation at least ten days prior to the effective date, and the contract remains active until ten days after that filing occurs. Additionally, any new insurance policy an employer secures with a private company cannot take effect until the cancellation of their state fund contract is officially finalized. The legislation also allows for an immediate cancellation date if an employer provides proof that their new insurance coverage is already in place.