R315-265-148. Financial Requirements -- Incapacity of Owners or Operators, Guarantors, or Financial Institutions

  (a) An owner or operator shall notify the Director by certified mail of the commencement of a voluntary or involuntary proceeding under Title 11, Bankruptcy, U.S. Code, naming the owner or operator as debtor, within 10 days after commencement of the proceeding. A guarantor of a corporate guarantee as specified in Subsections R315-265-143(e) and R315-265-145(e) shall make such a notification if he is named as debtor, as required under the terms of the corporate guarantee, see Subsection R315-264-151(h).

  (b) An owner or operator who fulfills the requirements of Sections R315-265-143, R315-265-145, or R315-265-147 by obtaining a trust fund, surety bond, letter of credit, or insurance policy will be deemed to be without the required financial assurance or liability coverage in the event of bankruptcy of the trustee or issuing institution, or a suspension or revocation of the authority of the trustee institution to act as trustee or of the institution issuing the surety bond, letter of credit, or insurance policy to issue such instruments. The owner or operator shall establish other financial assurance or liability coverage within 60 days after such an event.