OAR 340-174-0080: Insurance Cancellation and Termination

(1) The insurance copayment benefits will terminate: (a) Upon termination of insurance coverage; or (b) When the applicant sells or otherwise transfers interest in the facility. (2) An insurer receiving copayment shall notify the Department within 15 days after sending a notice of intent to cancel to the insured. This notice shall describe the reason for the intent to cancel. (3) An insurer receiving copayment under these rules shall notify the Department within 30 days after insurance coverage has been terminated or cancelled. The notice written shall include: (a) A list of the UST facilities no longer insured; (b) The reason for cancellation or termination; (c) The effective date of cancellation or termination; and (d) The return of premium amount. (4) Within 30 days after receiving a returned insurance premium, the applicant must return the copayment portion to the Department. (5) When returning premiums copaid under these rules, the insurer shall pay the returned premium in the form of a check with payment to both the insured and the Department. (6) The copayment of insurance is subject to monies being available from the Underground Storage Tank Insurance Fund.