A. If certification of a self-insurer is withdrawn by the director, the private employer shall not be considered a self-insurer during any appeal of that determination. The private employer shall therefore obtain any necessary coverage from other sources pending resolution of the appeal.
B. Certification of a self-insurer may be withdrawn by the director in accordance with regulations he adopts. The regulations shall consider the following as grounds for termination:
(1) the employer no longer meets the requirements, financial or otherwise, of being a qualified self-insurer;
(2) the self-insurer engages in or induces workers to engage in fraudulent practices;
(3) the self-insurer fails to comply with rules and regulations of the director; or
(4) the self-insurer fails to maintain a sufficient fund balance, in which event certification shall be withdrawn effective the date that the fund balance is insufficient.