§726.107. How negotiable securities are handled.
20 C.F.R. § 726.107
Deposits of securities provided for by the regulations in this part must be made with any Federal Reserve bank or any branch of a Federal Reserve bank designated by OWCP, or the Treasurer of the United States, and must be held in the name of the Department of Labor.
If the self-insurer defaults on its obligations under the Act, OWCP has the power, in its discretion, to:
Collect the interest as it may become due;
Sell any or all of the securities; and
Apply the collected interest or proceeds from the sale of securities to the payment of any benefits for which the self-insurer may be liable.
If a self-insurer with deposits of securities has neither defaulted nor appealed from a determination made by OWCP under § 726.104, OWCP may allow the self-insurer to collect interest on the security deposit.
Notes, amendments, and revision history
Source
Source: 89 FR 100318, Dec. 12, 2024, unless otherwise noted.
Authority
Authority: 5 U.S.C. 301; 30 U.S.C. 901 et seq., 902(f), 925, 932, 933, 934, 936; 33 U.S.C. 901 et seq.; 28 U.S.C. 2461 note (Federal Civil Penalties Inflation Adjustment Act of 1990 (as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015)); Pub. L. 114-74 at sec. 701; Reorganization Plan No. 6 of 1950, 15 FR 3174; Secretary's Order 10-2009, 74 FR 58834.
Source
Source: 65 FR 80097, Dec. 20, 2000, unless otherwise noted.