§ 94 — Withdrawal from fund

§ 94. Withdrawal from fund. a. Any employer may, upon complying\nwith subdivision two or three of section fifty of this chapter, withdraw\nfrom the fund by turning in his insurance contract for cancellation,\nprovided he has given written notice to the fund of his intention to\nwithdraw not less than thirty days before the effective date of such\ncancellation. Upon receipt of such notice the fund shall, at least ten\ndays prior to the effective date file in the office of the chairman a\nnotice of such cancellation date.\n In no event shall the insurance contract be deemed cancelled until at\nleast ten days after the date of such filing, any earlier date mentioned\nin the notice to the contrary notwithstanding.\n If an employer withdraws from the fund upon complying with subdivision\ntwo of section fifty of this chapter, the new insurance contract with\nthe stock corporation, mutual corporation or reciprocal insurer shall be\ndeemed not to take effect until the cancellation of such employer's\ncontract with the state insurance fund has become effective.\n b. Notwithstanding any of the provisions contained in subdivision five\nof section fifty-four of this chapter the fund may cancel a contract of\ninsurance at any time during the contract period upon being furnished by\nan employer with proof satisfactory to the fund that he is no longer\nrequired to comply with section fifty of this chapter by reason of his\nhaving discontinued, sold, transferred, assigned or otherwise disposed\nof his business and has ceased employing workmen or operatives; or,\nwhere the insurance contract has been issued to cover the operations\nunder a specific contract or at a specified location, that such\noperations have been completed or discontinued and the employment of\nworkmen or operatives in connection therewith has ceased; provided,\nhowever, such cancellation shall not become effective until at least ten\ndays after notice thereof shall have been filed in the office of the\nchairman.\n