30 Tex. Admin. Code § 37.9120 - Incapacity of Responsible Person or Insurance Company
(a) A responsible person must notify the
executive director by certified mail of the commencement of a voluntary or
involuntary proceeding under Title 11 (Bankruptcy), United States Code, naming
the responsible person, within ten business days after the commencement of the
proceeding.
(b) A responsible
person shall be deemed to be without the required financial assurance coverage
in the event the insurance company(ies) providing either the commercial
liability or environmental impairment policies:
(1) declares bankruptcy; or
(2) experiences an insurance rating reduction
resulting in a rating below A- as published by the A.M. Best Company.
(c) The responsible person must
provide evidence of insurance coverage as described in this subchapter within
60 days after any events as described in subsection (b) of this
section.
Notes
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