LD1195

This bill amends the Maine Workers' Compensation Act of 1992 to modify requirements for self-insurers, including changes to security requirements and.

This bill makes several changes to the Maine Workers' Compensation Act of 1992, specifically targeting the requirements for self-insurers. It removes the confidence level requirements for letters of credit for self-insureds, clarifies the notice period for nonrenewal of an irrevocable standby letter of credit, and changes the requirements for when a draft on a letter of credit must be honored. The bill also modifies the process for handling irrevocable standby letters of credit, including when the Superintendent of Insurance may instruct the Treasurer of State to draw on such a letter.