30 Tex. Admin. Code § 37.865 - Cancellation or Non-renewal by a Provider of Financial Assurance
(a) Except as otherwise provided, a provider
of financial assurance may cancel or fail to renew an assurance mechanism by
sending a notice of termination by certified mail to the owner or
operator.
(b) Termination of a
guarantee, a local government guarantee, a surety bond, or a letter of credit
may not occur until 120 days after the date on which the owner or operator
receives the notice of termination, as evidenced by the return
receipt.
(c) Termination of
insurance or risk retention group coverage, except for non-payment or
misrepresentation by the insured, or state-funded assurance may not occur until
60 days after the date on which the owner or operator receives the notice of
termination, as evidenced by the return receipt. Termination for non-payment of
premium or misrepresentation by the insured may not occur until a minimum of
ten days after the date on which the owner or operator receives the notice of
termination, as evidenced by the return receipt.
(d) If a provider of financial assurance
cancels or fails to renew for reasons other than incapacity of the provider as
specified in §
37.870 of this title (relating to
Reporting, Registration, and Certification), the owner or operator must obtain
alternate coverage as specified in this section within 60 days after receipt of
the notice of termination. If the owner or operator fails to obtain alternate
coverage within 60 days after receipt of the notice of termination, the owner
or operator must notify the executive director of this failure and submit:
(1) the name and address of the provider of
financial assurance;
(2) the
effective date of termination; and
(3) the evidence of the financial assurance
mechanism subject to the termination maintained in accordance with §
37.875(b) of
this title (relating to Financial Assurance Recordkeeping).
Notes
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