329 IAC 3.1-15-9 Incapacity of owners or operators, guarantors, or financial institutions

Sec. 9. (a) An owner or operator shall notify the commissioner by certified mail of the commencement of a voluntary or involuntary bankruptcy proceeding under 11 U.S.C. 101 et seq., October 1, 1979, naming the owner or operator as debtor, within ten (10) days after commencement of the proceeding. A guarantor of a guarantee as specified in sections 4(g) and 6(g) of this rule shall make such a notification if the guarantor is named as debtor as required under the terms of the guarantee in section 10(h) of this rule. (b) An owner or operator who fulfills the requirements of section 4, 6, or 8 of this rule by obtaining a trust fund, surety bond, letter-of- credit, or insurance policy shall 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 the institution issuing the surety bond, letter-of-credit, or insurance policy to issue such instruments. The owner or operator shall establish other financial assurance or liability coverage within sixty (60) days after such an event.