Section 173-360-460. Bankruptcy or other incapacity of owner or operator.

(1) Within ten days after commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), U.S. Code, naming an owner or operator as debtor, the owner or operator shall notify the director by certified mail of such commencement and submit the appropriate forms listed in WAC 173-360-450(2) documenting current financial responsibility.

(2) Within ten 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 owner or operator by certified mail of such commencement as required under the terms of the guarantee specified in WAC 173-360-416.

(3) 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 WAC 173-360-400 through 173-360-499 within thirty days after receiving notice of such an event. If the owner or operator does not obtain alternate coverage within thirty days after such notification, he shall notify the director.

(4) Within thirty days after receipt of notification that a state fund or other state assurance has become incapable of paying for assured corrective action or third-party compensation costs, the owner or operator shall obtain alternate financial assurance.

[Statutory Authority: Chapter 90.76 RCW. WSR 90-24-017, § 173-360-460, filed 11/28/90, effective 12/29/90.]

Chapter 90.76 RCW. WSR 90-24-017, § 173-360-460, filed 11/28/90, effective 12/29/90.

Rules

173-360-450,173-360-416,173-360-400,173-360-499,