Victorian Numbered Acts Victorian Numbered Acts(1) This section applies if an employer that is approved as a self-insurer—
(a) has elected under section 395(1) or 396(1) to assume liability for its tail claims; or
(b) has elected under section 397(1)(b) to assume liability for the tail claims of an employer that is a body corporate to which section 434 applies that becomes an eligible subsidiary of the employer; or
(c) has elected under section 398(1)(b) to assume liability for the tail claims of another self-insurer that becomes an eligible subsidiary of the employer.
(2) On and from the date the employer assumes liability for the tail claims and until such time as the Authority assumes liability for the tail claims of the employer under section 407, the employer must ensure that there is in force at all times a guarantee in respect of liabilities relating to the tail claims incurred by the Authority by reason of the failure of the employer to meet its liabilities in respect of those claims or by reason that the employer has ceased to be an approved self-insurer.