Louisiana Administrative Code
Title 33 - ENVIRONMENTAL QUALITY
Part XI - Underground Storage Tanks
Chapter 11 - Financial Responsibility
Section XI-1139 - Bankruptcy or Other Incapacity of Owner or Operator or Provider of Financial Assurance

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 Office of Environmental Assessment by certified mail of such commencement and submit the appropriate forms listed in LAC 33:XI.1133.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 by certified mail of such commencement as required under the terms of the guarantee specified in LAC 33:XI.1113.

C. 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 shall obtain alternate financial assurance as specified in this Chapter 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 notify the Office of Environmental Assessment.

D. Within 30 days after receipt of notification that the motor fuels underground storage tank trust fund (MFUSTTF) has become incapable of paying for assured corrective action or third-party compensation costs, the owner or operator shall obtain alternate financial assurance.