Workers’ Compensation Letter of Credit - Law Insider
Workers’ Compensation Letter of Credit means the standby letter of credit dated July 1, 1994 in the face amount of $1,700,000, issued by the Issuing Bank, for the benefit of the Borrowers, in favor of the Self-Insurance Division of the Pennsylvania Bureau of Workers' Compensation, which letter of credit has been extended through July 31, 2000.
Letter of Credit | Virginia Workers' Compensation Commission
The Irrevocable Letter of Credit form is for use when a Self-Insurer elects to use Letter of Credit to satisfy their security requirement. The form language must not be altered and all parts of the form must be completed in its entirety.
The Virginia Workers’ Compensation Commission may accept an Irrevocable Letter of Credit as proof of compliance instead of a surety bond or securities. The Commission’s Self-Insurance Division must determine if the Letter of Credit is acceptable in format, amount, and content, and if the issuing and or confirming bank is acceptable.
Letters of Credit (LOCs): The Basics - Captive
2023年9月26日 · Letters of credit (LOCs) are utilized in a variety of risk management transactions and are the most frequently used type of collateral. An LOC is a legal commitment issued by a bank stating that, upon receipt of certain documents, the bank will pay against drafts meeting the terms of the LOC.
• An insurer sells a workers’ compensation policy with a $500,000 per claim deductible on 01.01.17 to an employer who reports 500 employees under the policy. The insurer obtains a letter of credit from
Large deductible programs: Demystifying collateral - Milliman
The preferred form is a letter of credit (LOC), but other forms may include cash (static or depleting), a trust, or bonds. A conversation with the carrier can determine which form(s) it is most comfortable accepting.
eCFR :: 40 CFR 280.99 -- Letter of credit.
This letter of credit may be drawn on to cover [insert: “taking corrective action” and/or “compensating third parties for bodily injury and property damage caused by” either “sudden accidental releases” or “nonsudden accidental releases” or “accidental releases”] arising from operating the underground storage tank(s ...
the letter of credit is needed to cover any worker’s disability compensation claims, then the proceeds of the letter of credit shall be called immediately and deposited in the state treasury for such purpose.
Administration certifying that the Applicant is in default due to its failure to pay workers' compensation benefits, has filed for bankruptcy, or has failed to renew this Irrevocable Letter of Credit, or substitute acceptable securities for workers' compensation benefits within thirty
The Maryland Workers’ Compensation Commission may accept an irrevocable letter of credit from an employer who self-insures as proof of compliance to secure payment of compensation instead of a surety bond, book entry or securities.