(a) Owners or operators must maintain proof of all financial
assurance mechanisms used to demonstrate financial assurance under this subchapter
for a petroleum underground storage tank (UST) until released from the requirements
of this subchapter under §37.885 of this title (relating to Release from
the Requirements). An owner or operator must maintain this evidence at the
UST site or the owner's or operator's place of business. Records maintained
off-site must be made available in a timely manner upon request of the agency.
(b) An owner or operator must maintain the following types
of evidence of financial assurance.
(1) An owner or operator using a financial assurance mechanism
specified in §37.825 of this title (relating to Financial Test of Self-Insurance), §37.830
of this title (relating to Guarantee), §37.835 of this title (relating
to Insurance and Risk Retention Group Coverage), §37.840 of this title
(relating to Surety Bond), §37.845 of this title (relating to Letter
of Credit), §37.850 of this title (relating to Trust Fund), §37.855
of this title (relating to Standby Trust Fund), and 40 Code of Federal Regulations §§280.104-280.107
(relating to Local Government Bond Rating Test, Local Government Financial
Test, Local Government Guarantee, and Local Government Fund, respectively)
must maintain a copy of the instrument worded as specified.
(2) An owner or operator using a financial test or guarantee,
or a local government financial test, or a local government guarantee supported
by the local government financial test must maintain a copy of the chief financial
officer's letter based on year-end financial statements for the most recent
completed financial reporting year. This documentation must be on file no
later than 120 days after the close of the financial reporting year.
(3) An owner or operator using a guarantee, surety bond, or
letter of credit must maintain a copy of the signed standby trust fund agreement
and copies of any amendments to the agreement.
(4) An owner or operator using an insurance policy or risk
retention group coverage must maintain a copy of the signed insurance policy
or risk retention group coverage policy, with the endorsement or certificate
of insurance and any amendments to the agreements.
(5) A local government owner or operator must comply with the
recordkeeping requirements of 40 CFR §280.111(b)(4)-(6) and (9)-(10)
as applicable to the local government mechanism used to demonstrate financial
assurance.
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