It is the intent of the Legislature in enacting this article and Article 1 (commencing with Section 3700) to provide for the continuation of workersâ compensation benefits delayed due to the failure of a private self-insured employer to meet its compensation obligations when the employersâ security deposit is either inadequate or not immediately accessible for the payment of benefits. With respect to the continued liability of a surety for claims that arose under a bond after termination of that bond and to a suretyâs liability for the cost of administration of claims, it is the intent of the Legislature to clarify existing law. The Legislature finds and declares that the establishment of the Self-Insurersâ Security Fund is a necessary component of a complete system of workersâ compensation, required by Section 4 of Article XIV of the California Constitution, to have adequate provisions for the comfort, health and safety, and general welfare of any and all workers and their dependents to the extent of relieving the consequences of any industrial injury or death, and full provision for securing the payment of compensation.
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