Texas Administrative Code
Title 16 - ECONOMIC REGULATION
Part 1 - RAILROAD COMMISSION OF TEXAS
Chapter 13 - REGULATIONS FOR COMPRESSED NATURAL GAS (CNG)
Subchapter C - CLASSIFICATION, REGISTRATION, AND EXAMINATION
Section 13.64 - Irrevocable Letter of Credit
Current through Reg. 49, No. 12; March 22, 2024
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.