South Carolina Code of Regulations
Chapter 67 - SOUTH CAROLINA WORKERS' COMPENSATION COMMISSION
Article 15 - SELF-INSURANCE
Section 67-1507 - Proof of Compliance, Irrevocable Letter of Credit
Current through Register Vol. 47, No. 12, December 22, 2023
A. The Commission in its discretion may accept a Form 8B, Proof of Compliance, Memorandum of Understanding and Irrevocable Letter of Credit, as proof of compliance instead of a surety bond or securities. The Commission will determine the amount as provided by R.67-1505A.
B. The applicant for self-insurance shall file the Form 8B with the Commission's Self-Insurance Division within the time provided in R.67-1502B.
C. The following provisions shall apply to a letter of credit.
D. Once an irrevocable letter of credit is established, it may be revoked only with the consent of the Commission.
Amended by State Register Volume 30, Issue No. 5, eff May 26, 2006.