2005 Idaho Code - 41-4911A — PROVISIONS OF CONTRACTS OF INSURANCE -- RENEWAL

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 49
                     PETROLEUM CLEAN WATER TRUST FUND ACT
    41-4911A.  PROVISIONS OF CONTRACTS OF INSURANCE -- RENEWAL. (1) The
contracts of insurance issued by the administrator shall meet the requirements
of this chapter. To the extent consistent with this chapter, the contracts of
insurance shall also satisfy the provisions of any requirement imposed by
federal or state law or regulation 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.
    (2)  Upon receipt of an annual application fee not exceeding twenty-five
dollars ($25.00) for each aboveground tank, underground tank, farm tank or
residential tank, or not to exceed five dollars ($5.00) for each heating tank
covered by a contract of insurance, and upon receipt of evidence that the
petroleum storage tanks continue to meet the eligibility provisions of this
chapter and the underwriting requirements established by the administrator,
the administrator shall issue an annual renewal of the contract of insurance
to the owner or operator of said petroleum storage tanks.