S.C. Code Regs. 67-1506 - Proof of Compliance, Securities Pledge
A. The Commission in its discretion may accept a pledge of securities issued by this State or the federal government as proof of compliance instead of a bond or letter of credit.
B. The Commission shall determine the amount of securities required by R.67-1505A and shall notify the self-insurer of the amount.
C. The securities shall be held by a trust department of a South Carolina bank and pledged to the South Carolina Workers' Compensation Commission.
D. To pledge securities, the bank shall provide an acceptable safekeeping receipt.
(1) The bank safekeeping receipt must outline the details of the securities, and pledges the securities to the South Carolina Workers' Compensation Commission.
(2) File the bank safekeeping receipt with the Self-Insurance Division within the time provided in R.67-1502B.
E. When a self-insurer loses or withdraws its privilege of self-insurance, the securities remain pledged to the Commission to guarantee payment of any claim occurring during the self-insured period.
(1) The Commission may release the securities, or any part thereof, when the Commission determines that all contingent liability arising during the period of self-insurance has expired.
(2) The Commission may release the securities, or any part thereof, by notifying the bank holding the securities in trust to release the pledged securities.
(3) Request the release of securities or any part thereof by writing to the Self-Insurance Division.
(a) The Self-Insurance Division will notify the employer or fund of its administrative determination.
(b) If the employer or fund disagrees with the Commission's determination, the employer or fund may request a hearing by filing a motion for hearing, according to R. 67-215. The parties proceed according to Article 6.
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