Section 22232 - CIWMB - Bankruptcy or Other Incapacity of Operator or Provider of Financial Assurance. (T14:s18243,18295) (California Code of Regulations)

§ 22232. CIWMB - Bankruptcy or Other Incapacity of Operator or Provider of Financial Assurance. (T14:s18243,18295)

(a) Within 10 days after commencement of a voluntary or involuntary proceeding under the Bankruptcy Code, Title 11 U.S.C. sections 101 - 1330 in which:

(1) The operator is named as debtor, the operator shall notify the CIWMB by certified mail of such commencement.

(2) A provider of financial assurance is named as debtor, such provider shall notify the operator, and the CIWMB certified mail of such commencement.

(b) An operator shall be deemed to be without the required financial assurance in the event of bankruptcy of its provider of financial assurance, or in the event of a suspension or revocation of the authority of the provider of financial assurance to issue a mechanism. If such an event occurs, the operator shall demonstrate alternate financial assurance as specified in this Article within 60 days after receiving notice of the event. If the operator fails to obtain alternate financial assurance within 60 days, the operator shall notify the CIWMB within 10 days of such failure.

(1. New section filed 6-18-97; operative 7-18-97 (Register 97, No. 25).)

Note: Authority cited: Sections 40502 and 43040, Public Resources Code. Reference: Sections 43040, 43103 and 43500- 43610, Public Resources Code.

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