Current through Register Vol. 41, No. 3, September 23, 2024
A. Operators
shall maintain evidence of all financial assurance mechanisms used to
demonstrate financial responsibility under this chapter for an aboveground
storage tank or pipeline, or both, until released from the requirements of this
regulation under
9VAC25-640-190.
An operator shall maintain such evidence at the aboveground storage tank site
or the operator's place of work in this Commonwealth. Records maintained
off-site shall be made available upon request of the department.
B. Operators shall maintain the following
types of evidence of financial responsibility:
1. An operator using an assurance mechanism
specified in
9VAC25-640-70
through
9VAC25-640-120 shall
maintain the original instrument worded as specified.
2. An operator using a financial test or
guarantee shall maintain (i) the chief financial officer's letter, and (ii)
year-end financial statements for the most recent completed financial reporting
year or the Dun and Bradstreet rating on which the chief financial officer's
letter was based. Such evidence shall be on file no later than 120 days after
the close of the financial reporting year.
3. An operator using an insurance policy or
group self-insurance pool coverage shall maintain a copy of the signed
insurance policy or group self-insurance pool coverage policy, with the
endorsement or certificate of insurance and any amendments to the
agreements.
4.
a. An operator using an assurance mechanism
specified in
9VAC25-640-70
through
9VAC25-640-120 shall
maintain an original certification of financial responsibility worded
identically as specified in Appendix IX, except that instructions in brackets
are to be replaced with the relevant information and the brackets deleted.
b. The operator shall maintain a
new original certification at or before the time specified in
9VAC25-640-160
or whenever the financial assurance mechanisms used to demonstrate financial
responsibility changes.
5. For submissions required under
9VAC25-640-160:
a. The operator must provide an insurance
endorsement or certificate, or a notice of extension from the provider of
financial assurance evidencing continuation of coverage in lieu of a new
original surety bond or letter of credit, provided the form of the insurance
endorsement or certificate, or notice of extension is approved by the
department;
b. The operator need
not provide a new original guarantee, letter of credit, certificate of deposit,
or trust fund, provided the same mechanism is to continue to act as the
operator's demonstration mechanism for the subsequent year or years;
c. The operator must provide a new original
mechanism as specified in subdivision 2 of this subsection;
d. The operator need not provide a new
original certification of acknowledgment, provided the associated trust
agreement has not changed;
e. The
operator must provide a new original certification of financial
responsibility.
Statutory Authority: §§ 62.1-44.15 and
62.1-44.34:16 of the Code of Virginia.
