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TITLE 16ECONOMIC REGULATION
PART 1RAILROAD COMMISSION OF TEXAS
CHAPTER 13REGULATIONS FOR COMPRESSED NATURAL GAS (CNG)
SUBCHAPTER CCLASSIFICATION, REGISTRATION, AND EXAMINATION
RULE §13.64Irrevocable Letter of Credit

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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