(a) Any agreement of an employer that indemnifies the employer for damage or loss due to the injury of an employee caused by accidental personal injury, occupational disease, or negligence of the employer or an agent, officer, or servant of the employer is void unless the agreement also covers the liability of the employer to pay compensation under this title.

(b) An agreement by a covered employee to pay to or for an employer any part of a premium for coverage under this title is void.

(c) A letter of credit issued under this subtitle shall contain:

(1) a provision that the letter of credit is irrevocable for the term specified;

(2) a provision that the letter of credit renews automatically at the end of the term unless written notice of nonrenewal is sent by the financial institution to the Commission by registered mail at least 60 days before the date of expiration;

(3) a statement that the letter of credit is not subject to any condition or qualification; and

(4) a statement that the letter of credit is governed by the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce.