020-1 Wyo. Code R. §§ 1-57 - Cancellation or Nonrenewal by a Financial Assurance Provider
(a) Except as
otherwise provided, a financial assurance provider may cancel or fail to renew
an assurance mechanism by sending a notice of termination by certified mail to
the owner and/or operator and the department.
(i) A local government guarantee, guarantee,
surety bond, or letter of credit may not be terminated until 120 days after the
date on which the owner and/or operator and the department receive the notice
of termination, as evidenced by the return receipt. Additionally, termination
may not occur without the administrator's written consent, which shall be
granted only when the conditions of the financial assurance have been
met.
(ii) Insurance, risk retention
group coverage, or state funded assurance termination may not occur until 60
days after the date on which the owner and/or operator and the department
receive the notice of termination, as evidenced by the return
receipt.
(b) If a
financial responsibility provider cancels or fails to renew for reasons other
than provider incapacity as specified in Section 58, the owner and/or operator
shall obtain alternate coverage as specified in this Part within 60 days after
receipt of the notice of termination. If the owner and/or operator fails to
obtain alternate coverage within 60 days after receipt of the notice of
termination, the owner and/or operator shall notify the administrator of such
failure before the 60-day period ends and submit:
(i) The financial assurance provider's name
and address;
(ii) The effective
date of termination; and
(iii)
Evidence of financial assurance mechanism subject to the termination maintained
in accordance with Section 58(b).
(c) The department shall provide notification
by mail to owners and/or operators using the state Corrective Action and
Financial Responsibility Accounts whenever either account is incapable of
paying for assured corrective actions or third-party damages. The owner and/or
operator shall have 30 days from the date of notification to provide alternate
financial assurance.
(d) Self
insurance may be cancelled by the owner and/or operator only after 90 day's
notice to the administrator, and upon receipt of the administrator's written
consent. Administrator's consent shall be granted only when the requirements of
the bond have been fulfilled.
Notes
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