Ill. Admin. Code tit. 41, § 176.215 – Mechanisms of Financial Responsibility | Midpage

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Illinois Administrative Code

§ 176.215

Ill. Admin. Code tit. 41, § 176.215

Mechanisms of Financial Responsibility

Effective Oct 13, 201842 Ill. Reg. 10621AUTHORITY: Implementing the Gasoline Storage Act [430 ILCS 15] and authorized by Section 2 of the Gasoline Storage Act [430 ILCS 15/2].OFFICE OF THE STATE FIRE MARSHAL

a) Commercial or private insurance, including risk retention groups;
b) Self-insurance, if there is a tangible net worth of at least $200,000;
c) Guarantee;
d) Surety bond;
e) Letter of credit;
f) Certificate of deposit;
g) Designated savings account; or
h) Any combination of the mechanisms listed in this Section.

Under Section 6.1 of the Gasoline Storage Act, only the following may be considered acceptable mechanisms for financial responsibility:

(Source: Amended at 42 Ill. Reg. 10621, effective October 13, 2018)