SECTION 37.9015. Financial Assurance Requirements for Closure and Post Closure

(a) An owner or operator subject to this subchapter shall establish financial assurance for closure or post closure of the facility that meets the requirements of this section, in addition to the requirements specified under Subchapters A, B, C, and D of this chapter (relating to General Financial Assurance Requirements; Financial Assurance Requirements for Closure, Post Closure, and Corrective Action; Financial Assurance Mechanisms for Closure, Post Closure, and Corrective Action; and Wording of the Mechanisms for Closure, Post Closure, and Corrective Action.)

(1) An owner or operator subject to this subchapter may use any of the mechanisms as specified in §37.9020 of this title (relating to Financial Assurance Mechanisms) to demonstrate financial assurance for closure or post closure. On a case-by-case basis, the executive director may approve other alternative financial assurance mechanisms.

(2) The executive director will respond within 60 days after receiving a written request for a financial assurance reduction in accordance with §37.151 of this title (relating to Decrease in Current Cost Estimate).

(3) An owner or operator may use multiple financial assurance mechanisms provided in §37.41 of this title (relating to Use of Multiple Financial Assurance Mechanisms), but must use only those financial assurance mechanisms specified in §37.9020 of this title.

(4) Insurance, a surety bond for guaranteeing payment, or a surety bond guaranteeing performance for closure or post closure, must provide that the full face amount be paid to the beneficiary automatically prior to the expiration without proof of forfeiture if the owner or operator fails to provide a replacement acceptable to the executive director within 30 days after receipt of notification of cancellation.

(b) The owner or operator shall comply with §37.71 of this title (relating to Incapacity of Owners or Operators, Guarantors, or Issuing Institutions), except financial assurance must be established within 30 days after such an event.

Source Note: The provisions of this §37.9015 adopted to be effective March 21, 2000, 25 TexReg 2347