323.075. Third-party compensation, financial responsibility to be demonstrated for registration, methods--rulemaking authority.
Third-party compensation, financial responsibility to be demonstratedfor registration, methods--rulemaking authority.
323.075. 1. Every person required to be registered under subsection 1of section 323.060 shall demonstrate financial responsibility for compensatingthird parties for bodily injury and property damage caused by the release ofliquefied petroleum gas. The minimum amount of financial responsibility shallbe one million dollars per occurrence with an annual aggregate of two milliondollars.
2. A person may demonstrate financial responsibility required insubsection 1 of this section either by self insurance or by being insured inthe manner set forth in this section.
3. A registrant may demonstrate financial responsibility by obtainingliability insurance in the required amounts as an endorsement to an existingpolicy or as a separate policy issued by an insurance company authorized bythe department of insurance, financial institutions and professionalregistration to transact the business of insurance in the state of Missouri.The endorsement or policy shall include a requirement that the insurancecompany deliver a copy of any final notice of cancellation to the commissionat the same time such a notice is provided to the insured. A copy of thecertificate of insurance evidencing such coverage shall accompany any originalapplication. The original insurance policy, any relevant endorsements, andthe certificate of insurance must be made available upon request forexamination and copying by the commission.
4. The commission may promulgate regulations governing acceptable formsof self insurance.
5. Any rule or portion of a rule, as that term is defined in section536.010, RSMo, that is created under the authority delegated in this sectionshall become effective only if it complies with and is subject to all of theprovisions of chapter 536, RSMo, and, if applicable, section 536.028, RSMo.This section and chapter 536, RSMo, are nonseverable and if any of the powersvested with the general assembly pursuant to chapter 536, RSMo, to review, todelay the effective date, or to disapprove and annul a rule are subsequentlyheld unconstitutional, then the grant of rulemaking authority and any ruleproposed or adopted after August 28, 2005, shall be invalid and void.
(L. 2005 S.B. 182, A.L. 2007 H.B. 426)