Ill. Admin. Code tit. 41, § 176.250 - Bankruptcy or Other Incapacity of Owner, Operator or Provider of Financial Assurance
a)
Within 10 days after commencement of a voluntary or involuntary proceeding for
relief under the United States Bankruptcy Code (
11
USC 101 et seq.) naming an owner or operator
as debtor, the owner or operator must notify OSFM by certified mail of that
commencement and submit the appropriate forms listed in Section
176.240(b),
documenting current financial responsibility.
b) Within 10 days after commencement of a
voluntary or involuntary proceeding for relief under the United States
Bankruptcy Code naming a guarantor providing financial assurance as debtor, the
guarantor must notify the owner or operator by certified mail of that
commencement.
c) An owner or
operator who obtains financial assurance by a mechanism other than the
financial test of self-insurance will be deemed to be without the required
financial responsibility in the event of a bankruptcy or incapacity of its
provider of financial assurance or a suspension or revocation of the authority
of the provider of financial assurance to issue a guarantee, commercial or
private insurance policy, risk retention group coverage policy, surety bond,
letter of credit or certificate of deposit or act as fiduciary of a designated
savings account. The owner or operator must obtain alternative financial
assurance as specified in Section
176.215
within 30 days after receiving notice of such an event.
Notes
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