Section 665.0148. Incapacity of owners or operators, guarantors or financial institutions.

 

(1)  An owner or operator shall notify the department by certified mail of the commencement of a voluntary or involuntary bankruptcy proceeding under 11 USC, naming the owner or operator as debtor, within 10 days after commencement of the proceeding.

(2)  An owner or operator who fulfills the requirements of s. NR 665.0143 , 665.0145 or 665.0147 by obtaining a trust fund, surety bond, letter of credit or insurance policy will be deemed to be without the required financial assurance or liability coverage in the event of bankruptcy of the trustee or issuing institution, or a suspension or revocation of the authority of the trustee institution to act as trustee or of the institution issuing the surety bond, letter of credit or insurance policy to issue the instruments. The owner or operator shall establish other financial assurance or liability coverage within 60 days after such an event.

History: CR 05-032 : cr. Register July 2006 No. 607 , eff. 8-1-06.