(1) Whenever an employer has complied with the provisions of KRS 342.340 relating to individual self -insurance, the commissioner shall issue to the empl oyer a certificate which shall remain in force for a period fixed by the commissioner. But the commissioner may, upon at least ten (10) days' notice and a hearing to the employer, revoke or suspend the certificate upon satisfactory evidence that revocation or suspension is appropriate. If the commissioner revokes a certificate, the commissioner may thereafter, upon petition of the employer and a hearing, grant a new certificate, but the employer shall not, as a matter of right, be entitled to a hearing for this purpose sooner than six (6) months following an order of the commissioner revoking the employer's certificate. (2) A self-insurer whose certificate to self-insure has been revoked is not relieved of its obligations for compensation to its employees fo r work -related injuries or occupational diseases that occur during the period of self -insurance. The required security shall be maintained with the commissioner or under the commissioner's control until each claim for workers' compensation benefits has bee n paid, been settled, or lapsed under this chapter.
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