16 Tex. Admin. Code § 13.64 - Irrevocable Letter of Credit
When an applicant submits CNG Form 1028, Application to use Irrevocable Letter of Credit, as an alternative to insurance, letters of credit shall be subject to the following conditions:
(1) the letter may only be issued by a
federally chartered and federally insured bank authorized to do business in the
Unites States;
(2) the letter of
credit must be irrevocable during their terms;
(3) the letter must be payable to the
Commission in part or in full upon demand and receipt from the Commission of a
notice of forfeiture;
(4) this
section shall not apply to AFS' licensing requirements for worker's
compensation insurance, including employer's liability coverage.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.