020-19 Wyo. Code R. § 19-10

Current through April 27, 2019

Section 19-10 - Cancellation or Nonrenewal by a Provider of Financial Assurance

(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 and/or operator and the department.

(i) Termination of a local government guarantee, a guarantee, a surety bond, or a letter of credit may not occur until 120 days after the date on which the owner and/or operator and the department receives the notice of termination, as evidenced by the return receipt, and upon receipt of the administrator's written consent, which may be granted only when the conditions of the financial assurance have been met.

(ii) Termination of insurance, risk retention group coverage, or state funded assurance may not occur until 60 days after the date on which the owner and/or operator and the department receives the notice of termination, as evidenced by the return receipt.

(b) If a provider of financial responsibility cancels or fails to renew for reasons other than incapacity of the provider as specified in Section 11, the owner and/or operator must obtain alternate coverage as specified in this section within 60 days after receipt of the notice of termination. If the owner and/or operator fails to obtain alternate coverage within 60 days after receipt of the notice of termination, the owner and/or operator must notify the administrator of such failure before the 60 day period ends and submit:

(i) The name and address of the provider of financial assurance;

(ii) The effective date of termination; and

(iii) The evidence of the financial assistance mechanism subject to the termination maintained in accordance with Section 11(b).

(c) The department shall provide notification by mail to any owner and/or operator utilizing the state corrective action and financial responsibility accounts whenever either account is incapable of paying for assured corrective actions or third party damages. The owner and/or operator shall have thirty (30) days from the date of notification to provide for alternate financial assurance.

(d) Any self insurance may be cancelled by the operator only after ninety (90) days notice to the administrator, and upon receipt of the administrator's written consent, which may be granted only when the requirements of the bond have been fulfilled.

020-19 Wyo. Code R. § 19-10