Iowa Administrative Code
Agency 591 - Petroleum Underground Storage Tank Fund Board, Iowa Comprehensive
Chapter 9 - UST FUND BOARD AUTHORITY TO TRANSFER LIABILITIES TO A THIRD PARTY (LOSS PORTFOLIO TRANSFERS)
Rule 591-9.3 - Minimum criteria to be evaluated
Universal Citation: IA Admin Code 591-9.3
Current through Register Vol. 46, No. 19, March 20, 2024
In order to determine whether or not a transfer of a portion or all of its liabilities is in the best interest of the program, the board will evaluate, at a minimum, the following criteria:
(1) Effect on overall cost to reach closure on sites.
(2) Effect on speed with which site closure will be accomplished.
(3) Qualifications of the potential acquiring entity, including but not limited to:
a.
Financial viability.
b. Experience
with environmental claims.
c.
Knowledge of corrective action guidelines.
(4) Impact on claims not included in the proposed transfer, including but not limited to:
a. Ability to timely pay ongoing
claims.
b. Delays in completing
corrective action.
c. Board's
ability to end liability for all claims in the future.
(5) Impact the transfer will have on the statutory rights of the claimants.
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