Section 340. Substitution of financial responsibility mechanisms by owner or operator

A. An owner or operator may substitute any alternate financial responsibility mechanism as specified in this part, provided that at all times the owner or operator maintains an effective financial responsibility mechanism or combination of mechanisms that satisfies the requirements of 9VAC20-170-310 C if the mechanism or mechanisms are submitted to comply with the requirements of 9VAC20-170-310 A and 9VAC20-170-330 if the mechanism or mechanisms are submitted to comply with the requirements of 9VAC20-170-330 A.

B. After obtaining an alternate financial responsibility mechanism, or combination of mechanisms, as specified in this part and written approval from the director, an owner or operator may cancel the replaced financial responsibility mechanism by providing notice to the provider of financial responsibility.

Historical Notes

Derived from Volume 19, Issue 19, eff. July 2, 2003.

Statutory Authority

§§ 10.1-1402 and 10.1-1454.1 of the Code of Virginia.