Sec. 176.250 - Bankruptcy or Other Incapacity of Owner, Operator or Provider of Financial Assurance

ยง 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.

(Amended at 42 Ill. Reg. 10621, effective October 13, 2018)

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