(1) In this
Act —
workers compensation policy means an insurance
policy that insures an employer for the full amount of the following
liabilities of the employer that arise in respect of employment during the
period of insurance —
(a) any
liability of the employer that arises under this Act to pay compensation or
make any other payment in respect of an injury to or the death of a worker;
(b) any
liability of the employer to pay damages in respect of an injury to or the
death of a worker if the employer is liable to pay compensation under this Act
in respect of the injury or death, other than an injury to or the death of a
deemed worker of the employer.
(2) An employer must
at all times have a current workers compensation policy issued by a licensed
insurer.
(3)
Subsection (2) does not apply to an employer while the employer is a
self-insurer.
(4) The requirements
of this section are subject to —
(a)
regulations under section 237(1); and
(b)
section 289.