Current through Reg. 50, No. 13; March 28, 2025
(a) An owner or
operator subject to this subchapter shall establish financial assurance for the
closure, post closure, and corrective action of the facility that meets the
requirements of this section, in addition to the requirements specified under
Subchapters A, B, C, and D of this chapter (relating to General Financial
Assurance Requirements; Financial Assurance Requirements for Closure, Post
Closure, and Corrective Action; Financial Assurance Mechanisms for Closure,
Post Closure, and Corrective Action; and Wording of the Mechanisms for Closure,
Post Closure, and Corrective Action).
(1) An
owner or operator subject to this subchapter may use any of the mechanisms as
specified in §
37.9050 of this title (relating to
Financial Assurance Mechanisms) to demonstrate financial assurance for closure,
post closure, and corrective action. On a case-by-case basis, the executive
director may approve other alternative financial assurance
mechanisms.
(2) The executive
director will respond within 60 days after receiving a written request for a
financial assurance reduction in accordance with §
37.151 of this title (relating to
Decrease in Current Cost Estimate).
(3) An owner or operator may use multiple
financial assurance mechanisms provided in §
37.41 of this title (relating to
Use of Multiple Financial Assurance Mechanisms), but must use only those
financial assurance mechanisms as specified in §
37.9050 of this title.
(4) The executive director may accept
financial assurance established to meet requirements of other federal, state
agencies, or local governing bodies for closure or post closure, provided such
mechanism complies with the requirements of this chapter and the full amount of
financial assurance required for the specific license is clearly identified and
committed for use for the purposes of Chapter 336, Subchapters G, H, L, and M
of this title (relating to Decommissioning Standards; Licensing Requirements
for Near-Surface Land Disposal of Low-Level Radioactive Waste; Licensing of
Source Material Recovery and By-Product Material Disposal Facilities; and
Licensing of Radioactive Substances Processing and Storage
Facilities).
(5) Proof of
forfeiture must not be necessary to collect the financial assurance, so that in
the event that the owner or operator does not provide acceptable replacement
financial assurance within the required time prior to the expiration,
cancellation, or termination of the financial assurance mechanism, the
financial assurance provider shall pay the face amount of the financial
assurance to the State of Texas for deposit as specified in paragraph (6) of
this subsection.
(6) All financial
assurance required under §§336.619, 336.736 - 336.738, 336.1125, and
336.1235 of this title (relating to Financial Assurance for Decommissioning;
Liability Coverage and Funding for Disposal Site Closure and Stabilization;
Funding for Institutional Control; Funding for Corrective Action; Financial
Assurance Requirements; and Financial Assurance for Storage and Processing) to
be converted to cash by direction of the executive director pursuant to §
37.101 of this title (relating to
Drawing on the Financial Assurance Mechanisms) and paragraph (5) of this
subsection shall be payable to the State of Texas for deposit to the credit of
the perpetual care account or upon the Environmental Radiation and Perpetual
Care Account being recreated and rededicated by legislation, then such
financial assurance proceeds as described in this subsection shall be paid to
the State of Texas for deposit to the credit of the Environmental Radiation and
Perpetual Care Account.
(b) Financial assurance for aquifer
restoration shall be provided in an amount no less than the cost estimate for
aquifer restoration approved for each production area authorization. The
executive director shall have discretion to apply financial assurance approved
for one production area to the restoration of any other production
area.
(c) The owner or operator
shall comply with §
37.71 of this title (relating to
Incapacity of Owners or Operators, Guarantors, or Financial Institutions),
except financial assurance must be established within 30 days after such an
event.
