SECTION 11.202. Personal Bond

(a) The commission may accept the bond of the operator itself, without separate surety, when the operator demonstrates to the satisfaction of the commission the existence of a suitable agent to receive service of process and history of financial solvency and continuous operation sufficient to self-insure or bond such amount.

(b) The commission will be satisfied of the applicant's financial solvency and may accept the applicant's bond without separate surety if at the time of the consideration of the application and during each of the five years prior to the application, the applicant has owned net assets in excess of liabilities, as those terms are defined by generally accepted accounting principles, located in Texas and subject to process, in an amount at least twice the amount of the bond furnished, or in the opinion of the commission, commensurate criteria.

Source Note: The provisions of this §11.202 adopted to be effective March 24, 1976, 1 TexReg 502.