Mississippi Administrative Code › Title 11 - Mississippi Department of Environmental Quality › Part 5 - Underground Storage Tank Regulations › Chapter 2 - Mississippi Commission on Environmental Quality Underground Storage Tanks Regulations Technical Standards and Corrective Action Requirements for Owners and Operators of Underground Storage Tanks (UST) (Adopted March 22, 1989; Amended August 25, 2011, Last Amended August 23, 2018) › Rule 11-5-2.8 - Financial Responsibility › Section 11-5-2.8-280.114 - Bankruptcy or other incapacity of owner or operator or provider of financial assurance

Current through June 25, 2024
(a) Within 10 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 must notify the Director of the implementing agency by certified mail
				  of such commencement and submit the appropriate forms listed in §
				  280.111(b) documenting current financial responsibility.
(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 must
				  notify the owner or operator by certified mail of such commencement as required
				  under the terms of the guarantee specified in § 280.96.
(c) Within 10 days after commencement of a
				  voluntary or involuntary proceeding under Title 11 (Bankruptcy), U.S. Code,
				  naming a local government owner or operator as debtor, the local government
				  owner or operator must notify the Director of the implementing agency by
				  certified mail of such commencement and submit the appropriate forms listed in
				  § 280.111(b) documenting current financial responsibility.
(d) Within 10 days after commencement of a
				  voluntary or involuntary proceeding under Title 11 (Bankruptcy), U.S. Code,
				  naming a guarantor providing a local government financial assurance as debtor,
				  such guarantor must notify the local government owner or operator by certified
				  mail of such commencement as required under the terms of the guarantee
				  specified in § 280.106.
(e)
				  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, letter of credit, or
				  state-required mechanism. The owner or operator must obtain alternate financial
				  assurance as specified in this rule within 30 days after receiving notice of
				  such an event. If the owner or operator does not obtain alternate coverage
				  within 30 days after such notification, he must notify the Director of the
				  implementing agency.
(f) Within 30
				  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 must obtain alternate financial
				  assurance.
[58 FR 9053, Feb. 18, 1993]
58 FR 9053, Feb. 18,
					 1993