Indiana Administrative Code
Title 312 - NATURAL RESOURCES COMMISSION
Article 25 - COAL MINING AND RECLAMATION OPERATIONS
Rule 5 - Bonding Liability Insurance
Section 5-4 - Definitions
Universal Citation: 312 IN Admin Code 5-4
Current through March 20, 2024
Authority: IC 14-34-2-1
Affected: IC 14-34-3; IC 14-34-6; IC 14-34-9; IC 14-34-10
Sec. 4.
(a) The definitions in this section apply throughout this rule.
(b) "Collateral bond" means an indemnity agreement in a sum certain deposited with the department and executed by the permittee and supported by one (1) or more of the following:
(1) The deposit of cash in one (1) or more
accounts, payable only to the Indiana department of natural resources upon
demand after the department has determined the need for forfeiture and has
notified the permittee of forfeiture action.
(2) Certificates of deposit made payable and
assigned to the Indiana department of natural resources. Total deposits of the
applicant at the institution certifying the certificate of deposit shall not
exceed one hundred thousand dollars ($100,000) or the maximum insurable amount
as determined by Federal Deposit Insurance Corporation and Federal Savings and
Loan Insurance Corporation.
(3) An
irrevocable letter of credit of any bank organized or authorized to transact
business in Indiana, in accordance with section 12(b)(3) of this
rule.
(c) "Surety bond" means an indemnity agreement in a sum certain executed by the permittee as principal that is supported by the performance guarantee of a corporation licensed to do business as a surety in Indiana.
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