Insurance required of regulated explosive manufacturer; proof of insurance; exemption

Sec. 2. (a) The department 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. Amended by P.L.1-2006, SEC.541; P.L.187-2021, SEC.132.