Virginia Administrative Code › Title 9 - ENVIRONMENT › Agency 25 - STATE WATER CONTROL BOARD › Chapter 590 - PETROLEUM UNDERGROUND STORAGE TANK FINANCIAL RESPONSIBILITY REQUIREMENTS › Section 9VAC25-590-190 - Bankruptcy or other incapacity of owner, operator or provider of financial assurance

Current through Register Vol. 40, No. 24, July 15, 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 shall notify the department by certified mail of such commencement and
				submit the appropriate forms listed in
				9VAC25-590-160 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
				shall notify the owner or operator and the department by certified mail of such
				commencement as required under the terms of the guarantee specified in
				9VAC25-590-70.
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 shall notify the department by certified mail of such
				commencement and submit the appropriate forms listed in
				9VAC25-590-160 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 shall notify the local government owner or operator and the
				department by certified mail of such commencement as required under the terms
				of the guarantee specified in
				40 CFR
				280.106 (as incorporated by reference in
				9VAC25-590-250)
				.
E. An owner or operator that
				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, group self-insurance pool
				plan, surety bond, letter of credit, or certificate of deposit. The owner or
				operator shall obtain alternate financial assurance as specified in this
				regulation 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 shall immediately notify the department in writing.
F. Within 30 days after receipt of written
				notification that the Virginia Petroleum Storage Tank Fund has become incapable
				of covering assured corrective action or third party compensation costs, the
				owner or operator shall obtain alternate financial assurance in accordance with
				9VAC25-590-40.
Statutory Authority: §§ 62.1-44.15 and
					 62.1-44.34:9 of the Code of Virginia;
					 42 USC §
												6901 et seq.;
					 40 CFR Parts
					 280 and
					 281.