30 Tex. Admin. Code § 37.890 - Bankruptcy or Other Incapacity of Owner or Operator or Provider of Financial Assurance

(a) Within ten days after commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), United States Code, naming an owner or operator as debtor, the owner or operator must notify the executive director by certified mail of this commencement and submit the appropriate forms listed in § 37.875 of this title (relating to Financial Assurance Recordkeeping) documenting current financial responsibility.

(b) Within ten days after commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), United States Code, naming a guarantor providing financial assurance as debtor, this guarantor must notify the owner or operator by certified mail of this commencement as required under § 37.830 of this title (relating to Guarantee).

(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 assurance 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, insurance policy, risk retention group coverage policy, surety bond, letter of credit, or state-required mechanism. The owner or operator must obtain alternate financial assurance as specified in this subchapter within 30 days after receiving notice of this event. If the owner or operator does not obtain alternate coverage within 30 days after this notification, he or she must notify the executive director as specified in this subchapter.

Notes

30 Tex. Admin. Code § 37.890

The provisions of this §37.890 adopted to be effective November 23, 2000, 25 TexReg 11399