(a) A responsible person must notify the executive director by certified mail of the commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), United States Code, naming the responsible person, within ten business days after the commencement of the proceeding.
(b) A responsible person shall be deemed to be without the required financial assurance coverage in the event the insurance company(ies) providing either the commercial liability or environmental impairment policies:
  (1) declares bankruptcy; or
  (2) experiences an insurance rating reduction resulting in a rating below A- as published by the A.M. Best Company.
(c) The responsible person must provide evidence of insurance coverage as described in this subchapter within 60 days after any events as described in subsection (b) of this section.

Source Note: The provisions of this §37.9120 adopted to be effective October 20, 2005, 30 TexReg 6734