9 Va. Admin. Code § 25-900-340

Current through Register Vol. 40, No. 22, June 17, 2024

Section 9VAC25-900-340 - Incapacity of financial providers or owner

A. An owner that fulfills the requirements of this part by obtaining a trust fund, a letter of credit, a surety bond, or an insurance policy shall be deemed to be without the required financial assurance in the event of bankruptcy of the trustee or issuing institution, or a suspension or revocation of the authority of the trustee institution to act as trustee or of the institution issuing a surety bond, letter of credit, or insurance policy to issue such mechanisms. The owner or operator shall establish other financial assurance within 60 days of such event.

B. An owner shall notify the director by certified mail of the commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy) of the United States Code, naming the owner or operator as debtor, within 10 days after commencement of the proceeding.

Derived From Virginia Register Volume 36, Issue 23, eff. 9/1/2020.

Statutory Authority: § 62.1-44.19:20 of the Code of Virginia.