Michigan Administrative Code › Department - Licensing and Regulatory Affairs › Bureau of Fire Services › Underground Storage Tank Regulations. R 29.2101-29.2192 › AMENDMENTS TO ADOPTED FEDERAL REGULATIONS › Subpart H - FINANCIAL RESPONSIBILITY › Section R. 29.2171 - Bankruptcy or other incapacity of owner or operator or provider of financial assurance

Current through Vol. 24-12, July 15, 2024
Rule 71. Section 280.114 is amended to read as
						follows:
Section 280.114.
(a) Within 10 days after commencement of a
					 voluntary or involuntary proceeding under title 11 (bankruptcy) of the United
					 States Code naming an O/O as debtor, the O/O shall notify the director of the
					 implementing agency, by certified mail, of the commencement of a proceeding and
					 submit the appropriate forms listed in section 280.111(b) documenting current
					 financial responsibility.
(b)
					 Within 10 days after commencement of a voluntary or involuntary proceeding
					 under title 11 (bankruptcy) of the United States Code naming a guarantor
					 providing financial assurance as debtor, the guarantor shall notify the O/O, by
					 certified mail, of the commencement of a proceeding as required under the terms
					 of the guarantee specified in section 280.96.
(c) Within 10 days after commencement of a
					 voluntary or involuntary proceeding under title 11 (bankruptcy), of the United
					 States Code naming a local government O/O as debtor, the local government O/O
					 shall notify the director of the implementing agency, by certified mail, of the
					 commencement of a proceeding and submit the appropriate forms listed in section
					 280.111(b) documenting current financial responsibility.
(d) Within 10 days after commencement of a
					 voluntary or involuntary proceeding under title 11 (bankruptcy), of the United
					 States Code naming a guarantor providing a local government financial assurance
					 as debtor, the guarantor shall notify the local government O/O, by certified
					 mail, of the commencement of a proceeding as required under the terms of the
					 guarantee specified in section 280.106.
(e) An O/O 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 the
					 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 O/O shall obtain alternate financial
					 assurance as specified in this subpart within 30 days after receiving notice of
					 an event specified in this subsection. If the O/O does not obtain alternate
					 coverage within 30 days after notification, the O/O shall 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 O/O shall obtain alternate financial
					 assurance.