Virginia Administrative Code
Title 9 - ENVIRONMENT
Agency 25 - STATE WATER CONTROL BOARD
Chapter 640 - ABOVEGROUND STORAGE TANK AND PIPELINE FACILITY FINANCIAL RESPONSIBILITY REQUIREMENTS
Section 9VAC25-640-150 - Cancellation or nonrenewal by a provider of financial assurance
Current through Register Vol. 41, No. 3, September 23, 2024
A. Except as otherwise provided, a provider of financial assurance may cancel or fail to renew an assurance mechanism by sending a notice of termination by certified mail to the operator and the department.
Termination of a guarantee, a surety bond, or a letter of credit may not occur until 120 days after the date on which the operator and the department receives the notice of termination, as evidenced by the return receipts.
Termination of insurance or group self-insurance pool coverage, except for nonpayment or misrepresentation by the insured, may not occur until 60 days after the date on which the operator and the department receives the notice of termination, as evidenced by the return receipts. Termination for nonpayment of premium or misrepresentation by the insured may not occur until a minimum of 15 days after the date on which the operator and the department receives the notice of termination, as evidenced by the return receipts.
B. If a provider of financial responsibility cancels or fails to renew for reasons other than incapacity of the provider as specified in 9VAC25-640-200, the operator shall obtain alternate coverage as specified in this section and shall submit to the department the appropriate original forms listed in 9VAC25-640-170 B documenting the alternate coverage within 60 days after receipt of the notice of termination. If the operator fails to obtain alternate coverage within 60 days after receipt of the notice of termination, the operator shall immediately notify the department of such failure and submit:
Statutory Authority: §§ 62.1-44.15 and 62.1-44.34:16 of the Code of Virginia.
