Form CDI-070 "Letter of Credit for Workers' Compensation Deposit" - California

What Is Form CDI-070?

This is a legal form that was released by the California Department of Insurance - a government authority operating within California. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on November 1, 2015;
  • The latest edition provided by the California Department of Insurance;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form CDI-070 by clicking the link below or browse more documents and templates provided by the California Department of Insurance.

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Download Form CDI-070 "Letter of Credit for Workers' Compensation Deposit" - California

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STATE OF CALIFORNIA – DEPARTMENT OF INSURANCE
LETTER OF CREDIT FOR WORKERS’ COMPENSATION DEPOSIT
CDI-070 (Rev. 11/2015)
BANK:
ADDRESS
:
For internal identification purposes only.
Letter of Credit No.
Issue Date:
Beneficiary:
Amount:
Applicant:
Expiration Date:
Letter of Credit No.
Issue Date:
To Beneficiary:
Insurance Commissioner, State of California
c/o Chief, Securities Transaction Unit
th
300 Capitol Mall, Suite 14
Floor
Sacramento, CA 95814
We have established this clean, irrevocable, and unconditional Letter of Credit in
your favor as beneficiary for drawings up to an aggregate of U.S. $________________,
effective immediately. This Letter of Credit is for the account of
_____________________________________________________________________.
This Letter of Credit is issued, presentable and payable at our office at
_____________________________________________________________________,
and expires with our close of business on _____________________. Except when the
amount is increased, this Letter of Credit cannot be modified or revoked without your
written consent.
We will promptly honor your sight draft(s) drawn on us, indicating our Credit
Number __________________________, for all or any part of this Letter of Credit, upon
presentation at our office at the address given above, or such other office as we may
advise, on or before the expiration date hereof or any automatically extended date.
Other than your sight draft, no other document need be presented.
This Letter of Credit expires on ____________________, but shall automatically
extend without amendment for a period of one year from the expiration date, or any
future expiration date, unless at least sixty (60) days prior to any expiration date the
Insurance Commissioner (at the above address), and the Chief of the Financial Analysis
Division (whose address is California Department of Insurance, 300 South Spring
Street, Los Angeles, CA 90013), are notified by registered or certified mail, return
receipt requested, or by overnight courier, signature upon delivery required, that we
elect not to renew.
Our obligation under this Letter of Credit is unconditional and is not dependent
upon our ability to perfect a lien, or obtain a security interest or any other form of
reimbursement.
STATE OF CALIFORNIA – DEPARTMENT OF INSURANCE
LETTER OF CREDIT FOR WORKERS’ COMPENSATION DEPOSIT
CDI-070 (Rev. 11/2015)
BANK:
ADDRESS
:
For internal identification purposes only.
Letter of Credit No.
Issue Date:
Beneficiary:
Amount:
Applicant:
Expiration Date:
Letter of Credit No.
Issue Date:
To Beneficiary:
Insurance Commissioner, State of California
c/o Chief, Securities Transaction Unit
th
300 Capitol Mall, Suite 14
Floor
Sacramento, CA 95814
We have established this clean, irrevocable, and unconditional Letter of Credit in
your favor as beneficiary for drawings up to an aggregate of U.S. $________________,
effective immediately. This Letter of Credit is for the account of
_____________________________________________________________________.
This Letter of Credit is issued, presentable and payable at our office at
_____________________________________________________________________,
and expires with our close of business on _____________________. Except when the
amount is increased, this Letter of Credit cannot be modified or revoked without your
written consent.
We will promptly honor your sight draft(s) drawn on us, indicating our Credit
Number __________________________, for all or any part of this Letter of Credit, upon
presentation at our office at the address given above, or such other office as we may
advise, on or before the expiration date hereof or any automatically extended date.
Other than your sight draft, no other document need be presented.
This Letter of Credit expires on ____________________, but shall automatically
extend without amendment for a period of one year from the expiration date, or any
future expiration date, unless at least sixty (60) days prior to any expiration date the
Insurance Commissioner (at the above address), and the Chief of the Financial Analysis
Division (whose address is California Department of Insurance, 300 South Spring
Street, Los Angeles, CA 90013), are notified by registered or certified mail, return
receipt requested, or by overnight courier, signature upon delivery required, that we
elect not to renew.
Our obligation under this Letter of Credit is unconditional and is not dependent
upon our ability to perfect a lien, or obtain a security interest or any other form of
reimbursement.
STATE OF CALIFORNIA – DEPARTMENT OF INSURANCE
LETTER OF CREDIT FOR WORKERS’ COMPENSATION DEPOSIT
CDI-070 (Rev. 11/2015)
This Letter of Credit is subject to and shall be governed by and construed in
accordance with the laws of the State of California (excluding the choice of law
provisions), and the Uniform Customs and Practice for Documentary Credits,
International Chamber of Commerce, Publication No. 500, or any successor publication,
except where that publication is in conflict with California law. Notwithstanding Article
17 of said publication, if this Letter of Credit expires during an interruption of your
business or our business, caused by Acts of God, riot, civil commotion, insurrection,
war, terrorism, or any other cause beyond control, we hereby specifically agree to pay
as provided herein if this Letter of Credit is drawn against within 30 days after the
resumption of business.
BANK
AUTHORIZED SIGNATURE
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