Texas Labor Code
§ 407.064 — GENERAL SECURITY REQUIREMENTS
LA § 407.064Title 5. WORKERS' COMPENSATION · Part A. TEXAS WORKERS' COMPENSATION ACT · Ch. 407. SELF-INSURANCE REGULATION · Art. D. REQUIREMENTS FOR CERTIFICATE OF AUTHORITY
Statute text
View on source(a)Each applicant shall provide security for incurred liabilities for compensation through a deposit with the division, in a combination and from institutions approved by the commissioner, of the following security:
(1)cash or negotiable securities of the United States or of this state;
(2)a surety bond that names the commissioner as payee; or
(3)an irrevocable letter of credit that names the commissioner as payee.
(b)If an applicant who has provided a letter of credit as all or part of the security required under this section desires to cancel the existing letter of credit and substitute a different letter of credit or another form of security, the applicant shall notify the division in writing not later than the 60th day before the effective date of the cancellation of the original letter of credit.
(c)An estimate of the applicant's incurred liabilities for compensation must be signed and sworn to by an accredited casualty actuary and submitted with the application.
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Legislative history
Acts 2005, 79th Leg., Ch. 265 (H.B. 7), Sec. 3.053, eff. September 1, 2005.