GroundRules
30 CFR 585.530: What must I do if my financial assurance lapses?
Where this section sits in the code
- Title 30—Mineral Resources
- CHAPTER V—BUREAU OF OCEAN ENERGY MANAGEMENT, DEPARTMENT OF THE INTERIOR
- SUBCHAPTER B—OFFSHORE
- PART 585—RENEWABLE ENERGY ON THE OUTER CONTINENTAL SHELF
- Subpart F—Payments and Financial Assurance Requirements
(a) If your surety is decertified by the Treasury, becomes bankrupt or insolvent, or if your surety's charter or license is suspended or revoked, or if any other approved financial assurance expires for any reason, you must:
(1) Inform BOEM within 3 business days about the financial assurance lapse; and
(2) Provide new financial assurance in the amount set by BOEM, as provided in this subpart.
(b) You must notify BOEM within 3 business days after you learn of any action filed alleging that you, your surety, or your third-party guarantor is insolvent or bankrupt.
Collected 2026-08-27T02:25:24Z. Source file · JSON