SECTION 13.64. Irrevocable Letter of Credit

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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.

Source Note: The provisions of this §13.64 adopted to be effective November 15, 1990, 15 TexReg 5941; amended to be effective December 24, 2012, 37 TexReg 9917; amended to be effective February 15, 2021, 46 TexReg 1035

                    
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