Statutes, codes, and regulations
Virginia Administrative Code
Title 9 - ENVIRONMENTAgency 25 - STATE WATER CONTROL BOARD
Chapter 640 - ABOVEGROUND STORAGE TANK AND PIPELINE FACILITY FINANCIAL RESPONSIBILITY REQUIREMENTS
Section 9VAC25-640-200 - Bankruptcy or other incapacity of operator provider of financial assurance

9 Va. Admin. Code § 25-640-200

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Current through Register Vol. 41, No. 4, October 8, 2024
Section 9VAC25-640-200 - Bankruptcy or other incapacity of operator provider of financial assurance
A. Within 10 days after commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), U.S. Code, naming an operator as debtor, the operator shall notify the department by certified mail of such commencement.
B. Within 10 days after commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), U.S. Code, naming a guarantor providing financial assurance as debtor, such guarantor shall notify the operator and the department by certified mail of such commencement as required under the terms of the guarantee specified in 9VAC25-640-80.
C. An 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, group self-insurance pool coverage policy, surety bond, certificate of deposit, or letter of credit. The operator shall obtain alternate financial assurance as specified in this chapter and submit to the department the appropriate original forms specified in 9VAC25-640-170 B within 30 days after receiving notice of such an event. If the operator does not obtain alternate coverage within 30 days after such notification, he shall immediately notify the department in writing.

9 Va. Admin. Code § 25-640-200

Derived from Virginia Register Volume 17, Issue 10, eff. March 2, 2001; amended, Virginia Register Volume 25, Issue 2, eff. November 1, 2008; Volume 29, Issue 26, eff. October 10, 2013; amended, Virginia Register Volume 29, Issue 26, eff. October 10, 2013; Amended, Virginia Register Volume 39, Issue 5, eff. 11/23/2022.

Statutory Authority: §§ 62.1-44.15 and 62.1-44.34:16 of the Code of Virginia.