An owner or operator of a brine evaporation pit shall establish and maintain financial assurance for closure and third party pollution liability in accordance with Chapter 37, Subchapter X of this title (relating to Financial Assurance for Brine Evaporation Pits). The amount of financial assurance for closure must be no less than the amount determined by the executive director as sufficient to meet the requirements of the cost estimate calculated in accordance with §218.30(b) of this title (relating to Cost Estimate for Closure and Post Closure Care).