Bankruptcy or Other Incapacity of Owner or Operator, or Provider of Financial Assurance

PURPOSE: The owner or operator, or financial assurance provider shall notify the department of bankruptcy proceedings affecting the availability of financial responsibility. (1) Within ten (10) 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 shall notify the director by certified mail of the commencement and submit the appropriate forms listed in 10 CSR 26-3.107(2) documenting current financial responsibility. (2) Within ten (10) 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 shall notify the owner or operator by certified mail of the commencement as required under the terms of the guarantee specified in 10 CSR 26-3.096. (3) Within ten (10) days after commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), United States Code, naming a local government owner or operator as debtor, the local government owner or operator shall notify the director by certified mail of the commencement and submit the appropriate forms listed in 10 CSR 26-3.107(2) documenting current financial responsibility. (4) Within ten (10) days after commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), United States Code, naming a guarantor providing a local government financial assurance as debtor, this guarantor shall notify the local government owner or operator by certified mail of the commencement as required under the terms of the guarantee specified in 10 CSR 26-3.106. (5) 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, or letter of credit. The owner or operator shall obtain alternate financial assurance as specified in 10 CSR 26-3.090 through 10 CSR 26-3.115 within thirty (30) days after receiving notice of the event. If the owner or operator does not obtain alternate coverage within thirty (30) days after notification, s/he shall notify the director. (6) Within thirty (30) days after receipt of notification that the Petroleum Storage Tank Insurance Fund has become incapable of paying for assured corrective action or thirdparty compensation costs, the owner or operator shall obtain alternate financial assurance. AUTHORITY: section 319.114, RSMo 2000 and section 319.129, RSMo Supp. 2010.* This rule originally filed as 10 CSR 20-11.110. Original rule filed Feb. 7, 1991, effective Aug. 30, 1991. Amended: Filed Aug. 3, 1993, effective April 9, 1994. Amended: Filed Jan. 14, 1997, effective Sept. 30, 1997. Moved and amended: Filed April 15, 2011, effective Dec. 30, 2011. *Original authority: 319.114, RSMo 1989 and 319.129, RSMo 1989, amended 1991, 1996, 1998, 2001, 2008.