Section 329IAC3.1-14-25. Incapacity of owners, operators, guarantors, or financial institutions

   (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 9 and 19 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 33 of this rule.

  (b) An owner or operator, who fulfills the requirements of sections 4 through 12 of this rule, sections 14 through 22 of this rule, or sections 23 through 24 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:

(1) bankruptcy of the trustee or issuing institution; or

(2) suspension or revocation of:

(A) the authority of the trustee institution to act as trustee; or

(B) 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. (Solid Waste Management Division; 329 IAC 3.1-14-25; filed Jan 24, 1992, 2:00 p.m.: 15 IR 965; filed Apr 1, 1996, 11:00 a.m.: 19 IR 1991; readopted filed Jan 10, 2001, 3:25 p.m.: 24 IR 1535)