Section 13.64 - Irrevocable Letter of CreditWhen 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.16 Tex. Admin. Code § 13.64
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 by Texas Register, Volume 46, Number 07, February 12, 2021, TexReg 1041, eff. 2/15/2021