Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-360A - Underground storage tank regulations › Part 10 - FINANCIAL RESPONSIBILITY › Section 173-360A-1035 - Responsibilities upon bankruptcy or other incapacity of owner or operator or provider of financial assurance

Current through Register Vol. 24-14, July 15, 2024
(1)
Notifying department upon bankruptcy of owners or operators.
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 department by certified mail of such
				commencement and submit the evidence of financial responsibility specified in
				WAC 173-360A-1040(2).
(2)
Notifying owners or operators upon
				bankruptcy of guarantor.
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 WAC
				173-360A-1061.
(3)
Notifying department upon
				bankruptcy of local government owner or operator.
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 department by certified
				mail of such commencement and submit the evidence of financial responsibility
				specified in WAC
				173-360A-1040(2).
(4)
Notifying owners or operators upon
				bankruptcy of guarantor providing local government assurance.
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 WAC
				173-360A-1072.
(5)
Obtaining alternate financial
				assurance upon bankruptcy or incapacity of provider.
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, or letter of credit. The owner or
				operator must obtain alternate financial assurance as specified in this part
				within 30 days after receiving notice of such an event. If the owner or
				operator fails to obtain alternate coverage within 30 days after such
				notification, then by that date the owner or operator must notify the
				department of the failure and submit the evidence of financial responsibility
				specified in WAC
				173-360A-1040(2).
(6)
Obtaining alternate financial
				assurance upon incapacity of state fund or other state assurance.
Within
				30 days after receipt of notification that a state fund or other state
				assurance has become incapable of paying for assured remedial action or
				third-party compensation costs, the owner or operator must obtain alternate
				financial assurance.