- (a) A responsible person must notify the executive director by certified mail of the commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), United States Code, naming the responsible person, within ten business days after the commencement of the proceeding.
(b) A responsible person shall be deemed to be without the required financial assurance coverage in the event the insurance company(ies) providing either the commercial liability or environmental impairment policies:
- (1) declares bankruptcy; or
- (2) experiences an insurance rating reduction resulting in a rating below A- as published by the A.M. Best Company.
- (c) The responsible person must provide evidence of insurance coverage as described in this subchapter within 60 days after any events as described in subsection (b) of this section.
Source Note:The provisions of this §37.9120 adopted to be effective October 20, 2005, 30 TexReg 6734.