Section 93.740. Cancellation or nonrenewal by a provider of financial assurance.

 

(1)  

(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 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)

1. Termination of insurance or risk retention group coverage or state-funded assurance, except for nonpayment or misrepresentation by the insured, may not occur until 60 days after the date on which the owner or operator received notice of termination, as evidenced by the return receipt.

2. Termination for nonpayment of premium or misrepresentation by the insured may not occur until a minimum of 10 days after the date on which the owner or operator receives the notice of termination, as evidenced by the return receipt.

(2)  

(a) If a provider of financial responsibility cancels or fails to renew for reasons other than incapacity of the provider as specified in s. ATCP 93.753 , the owner or operator shall obtain alternate coverage as specified in this subchapter within 60 days after receipt of the notice of termination.

(b) If the owner or operator fails to obtain alternate coverage within 60 days after receipt of the notice of termination, the owner or operator shall notify the department of such failure and submit all of the following to the department:

1. The name and address of the provider of financial assurance.

2. The effective date of termination.

3. The evidence of the financial assistance mechanism subject to the termination maintained in accordance with s. ATCP 93.745 (2) .

CR 07-029 : cr. Register November 2008 No. 635 , eff. 2-1-09; CR 09-017 : am. (2) (a) Register July 2009 No. 643 , eff. 8-1-09; correction in (2) (a), (b) 3. made under s. 13.92 (4) (b) 7. , Stats., Register December 2011 No. 672 ; corrections in (2) (a), (b) 3. made under s. 13.92 (4) (b) 7. , Stats., Register October 2013 No. 694 .