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

020-1 Wyo. Code R. §§ 1-57

Adopted, Eff. 6/29/2018.