Section 329IAC9-8-19. 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 or operator. The following requirements must be completed:

(1) Termination of a:

(A) local government guarantee;

(B) guarantee;

(C) surety bond; or

(D) letter of credit;

must not occur until one hundred twenty (120) days after the date on which the owner or operator receives the notice of termination as evidenced by the return receipt.

(2) Termination of:

(A) insurance, except for nonpayment or misrepresentation by the insured;

(B) risk retention coverage, except for nonpayment or misrepresentation by the insured; or

(C) the excess liability trust fund under section 11 of this rule;

must not occur until sixty (60) days after the date on which the owner or operator receives the notice of termination as evidenced by the return receipt. Termination for nonpayment of premium or misrepresentation by the insured must not occur until a minimum of ten (10) days after the date on which the owner or operator 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 24 of this rule, the owner or operator shall obtain alternate coverage as specified in this section within sixty (60) days after receipt of the notice of termination. If the owner or operator fails to obtain alternate coverage within sixty (60) days after receipt of the notice of termination, the owner or operator shall notify the commissioner of such failure and submit the following:

(1) The name and address of the provider of financial assurance.

(2) The effective date of termination.

(3) The evidence of the financial assistance mechanism subject to the termination maintained in accordance with section 21(b) of this rule.

(Solid Waste Management Division; 329 IAC 9-8-19; filed Jul 19, 1999, 12:00 p.m.: 22 IR 3757; readopted filed Jan 10, 2001, 3:25 p.m.: 24 IR 1535)