Idaho State Statutes - Idaho Attorney Directory

ISSUANCE OF CONTRACTS OF INSURANCE BY THE ADMINISTRATOR OF THE
IDAHO PETROLEUM CLEAN WATER TRUST FUND -- DEFERRAL. (1) The administrator may
issue a contract of insurance to an owner or operator of a petroleum storage
tank that, based upon a consideration of the owner or operator's application
for insurance and appropriate investigation by the administrator, meets the
eligibility provisions of this chapter and the underwriting requirements
established by the administrator.
(2) The administrator may defer issuing contracts of insurance to certain
categories of petroleum storage tank owners or operators if necessary for the
sound operation of the trust fund.
(3) The administrator shall consider the following factors in determining
whether to defer the issuance of contracts of insurance to any category of
petroleum storage tank owners or operators:
(a) The underwriting capacity of the trust fund;
(b) Any requirement of federal or state law or regulation imposed on any
category of petroleum storage tank owners or operators to demonstrate
financial responsibility for corrective action and compensation to third
parties for bodily injury and property damage arising from accidental
releases from petroleum storage tanks;
(c) The ability of the administrator to process insurance applications
from different categories of petroleum storage tank owners or operators.
(4) Any decision by the administrator to defer issuing contracts of
insurance to any category of petroleum storage tank owners or operators shall
be documented in the plan of operation, or an amendment thereto, submitted to
the director of the department of insurance pursuant to sections 41-4925 or
41-4925A, Idaho Code, and subject to the director's approval.
(5) The administrator may issue contracts of insurance to deferred
categories of petroleum storage tank owners or operators when the need for
deferral documented in subsection (4) of this section no longer exists, as
demonstrated by an amendment to the plan of operation submitted to and
approved by the director of the department of insurance pursuant to section
41-4925A, Idaho Code.

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