Insurance required of regulated explosive manufacturer; proof of
insurance; exemption
Sec. 2. (a) The office may order any person engaged in the
manufacture or handling of a regulated explosive and any person
with control over a place where regulated explosives are
manufactured or handled to maintain insurance covering fire and
explosion losses. The order is not effective until sixty (60) days after
the date that notice of the order is received.
(b) The state fire marshal shall specify the insurance required
under subsection (a) in an amount not less than ten thousand dollars
($10,000) nor more than two hundred fifty thousand dollars
($250,000).
(c) Proof of the insurance required under this section must be
maintained with the department of insurance.
(d) The insurance commissioner may exempt a person from the
insurance requirements under this section if an applicant for the
exemption submits proof that the applicant has the financial ability
to discharge all judgments in the amount specified by the state fire
marshal. The insurance commissioner may revoke an exemption
under this subsection if the commissioner requires additional proof
of financial ability and:
(1) the exempted person fails to comply with the order; or
(2) the insurance commissioner determines that the exempted
person has failed to provide adequate proof of financial ability.
As added by P.L.123-2002, SEC.50.
Last modified: May 24, 2006