30 Tex. Admin. Code § 37.3021 - Financial Assurance Mechanisms
An owner or operator subject to this subchapter may use any of the financial assurance mechanisms as specified in Subchapter C of this chapter (relating to Financial Assurance Mechanisms for Closure, Post Closure, and Corrective Action) for demonstrating financial assurance for closure, except:
(1) a pay-in trust fund may
not be used;
(2) in
§37.301(a), Section 10 shall be revised as follows: Section 10. Quarterly
Valuation. The trustee shall quarterly, within 15 days of quarter-end, furnish
to the Grantor and to the executive director a statement confirming the value
of the Trust. Quarter-ends are designated as March 31, June 30, September 30,
and December 31. Any securities in the Fund shall be valued at market value as
of quarter-end. The failure of the Grantor to object in writing to the Trustee
within 90 days after the statement has been furnished to the Grantor and the
executive director shall constitute a conclusively binding assent by the
Grantor barring the Grantor from asserting any claim or liability against the
Trustee with respect to matters disclosed in the statement;
(3) Section
37.161 of this title (relating to
Establishment of a Standby Trust) does not apply to an owner or operator who
utilizes either a surety bond or irrevocable standby letter of credit under
this subchapter;
(4) an owner or
operator who utilizes the insurance mechanism as specified in §
37.241 of this title (relating to
Insurance) shall replace the wording specified in §
37.241(b) of
this title to read as follows: At a minimum, the insurer must be licensed to
transact the business of insurance, or eligible to provide insurance as an
excess or surplus lines insurer, in Texas.
Notes
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