(1) Whenever an employer has complied with the provisions of KRS 342.340 relating to individual self-insurance, the commissioner shall issue to the employer 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(2) A self-insurer whose certificate to self-insure has been revoked is not relieved of its obligations for compensation to its employees for work-related injuries or occupational diseases that occur during the period of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 been paid, been settled, or lapsed under this chapter.