Wisconsin Administrative Code
Department of Natural Resources
NR 600-699 - Environmental Protection - Hazardous Waste Management
Chapter NR 664 - Hazardous Waste Treatment, Storage And Disposal Facility Standards
Subchapter H - Financial Requirements
Section NR 664.0145 - Financial assurance for long-term care
Universal Citation: WI Admin Code ยง NR 664.0145
Current through August 26, 2024
The owner or operator of a hazardous waste management unit subject to s. NR 664.0144 shall establish financial assurance for long-term care according to the approved long-term care plan for the facility 60 days prior to the initial receipt of hazardous waste or the effective date of the rule, whichever is later. The owner or operator shall choose from the following options:
(1) LONG-TERM CARE TRUST FUND.
(a) An owner or operator may
satisfy the requirements of this section by establishing a long-term care trust
fund which conforms to the requirements of this subsection and submitting an
originally signed duplicate of the trust agreement to the department. An owner
or operator of a new facility shall submit the originally signed duplicate of
the trust agreement to the department at least 60 days before the date on which
hazardous waste is first received for disposal. The trustee shall be an entity
which has the authority to act as a trustee and whose trust operations are
regulated and examined by a federal or state agency.
(b) The wording of the trust agreement shall
be identical to the wording on the department form specified in s.
NR 664.0151(1)
(a) and the trust agreement shall be
accompanied by a formal certification of acknowledgment as specified in s.
NR 664.0151(1)
(b). Schedule A of the trust agreement shall
be updated within 60 days after a change in the amount of the current long-term
care cost estimate covered by the agreement.
(c) Payments into the trust fund shall be
made annually by the owner or operator over the term of the initial license or
over the remaining operating life of the facility as estimated in the closure
plan, whichever period is shorter. For the purposes of this section, this
period is referred to as the pay-in period." The payments into the long-term
care trust fund shall be made as follows:
1.
For a new facility, the first payment shall be made before the initial receipt
of hazardous waste for disposal. A receipt from the trustee for this payment
shall be submitted by the owner or operator to the department before this
initial receipt of hazardous waste. The first payment shall be at least equal
to the current long-term care cost estimate, except as provided in sub. (9),
divided by the number of years in the pay-in period. Subsequent payments shall
be made no later than 30 days after each anniversary date of the first payment.
The amount of each subsequent payment shall be determined by this formula:
where CE is the current long-term care cost estimate, CV is the current value of the trust fund and Y is the number of years remaining in the pay-in period.
2. If an
owner or operator establishes a trust fund as specified in this subsection, and
the value of that trust fund is less than the current long-term care cost
estimate when a license is awarded for the facility, the amount of the current
long-term care cost estimate still to be paid into the fund shall be paid in
over the pay-in period as defined in par. (c) (intro). Payments shall continue
to be made no later than 30 days after each anniversary date of the first
payment made pursuant to ch. NR 665. The amount of each payment shall be
determined by this formula:
where CE is the current long-term care cost estimate, CV is the current value of the trust fund and Y is the number of years remaining in the pay-in period.
(d) The owner or operator may accelerate
payments into the trust fund or may deposit the full amount of the current
long-term care cost estimate at the time the fund is established. However, the
owner or operator shall maintain the value of the fund at no less than the
value that the fund would have if annual payments were made as specified in
par. (c).
(e) If the owner or
operator establishes a long-term care trust fund after having used one or more
alternate mechanisms specified in this section or in s.
NR 665.0145, the first payment shall be in at least the
amount that the fund would contain if the trust fund were established initially
and annual payments made according to specifications of this subsection and s.
NR 665.0145(1), as applicable.
(f) After the pay-in period is completed,
whenever the current long-term care cost estimate changes during the operating
life of the facility, the owner or operator shall compare the new estimate with
the trustee's most recent annual valuation of the trust fund. If the value of
the fund is less than the amount of the new estimate, the owner or operator,
within 60 days after the change in the cost estimate, shall either deposit an
amount into the fund so that its value after this deposit at least equals the
amount of the current long-term care cost estimate, or obtain other financial
assurance as specified in this section to cover the difference.
(g) During the operating life of the
facility, if the value of the trust fund is greater than the total amount of
the current long-term care cost estimate, the owner or operator may submit a
written request to the department for release of the amount in excess of the
current long-term care cost estimate.
(h) If an owner or operator substitutes other
financial assurance as specified in this section for all or part of the trust
fund, the owner or operator may submit a written request to the department for
release of the amount in excess of the current long-term care cost estimate
covered by the trust fund.
(i)
Within 60 days after receiving a request from the owner or operator for release
of funds as specified in par. (g) or (h), the department will instruct the
trustee to release to the owner or operator funds as the department specifies
in writing.
(j) During the period
of long-term care, the department may approve a release of funds if the owner
or operator demonstrates to the department that the value of the trust fund
exceeds the remaining cost of long-term care.
(k) An owner or operator or any other person
authorized to conduct long-term care may request reimbursements for long-term
care expenditures by submitting itemized bills to the department. Within 60
days after receiving bills for long-term care activities, the department will
instruct the trustee to make reimbursements in those amounts as the department
specifies in writing, if the department determines that the long-term care
expenditures are in accordance with the approved long-term care plan or
otherwise justified. If the department does not instruct the trustee to make
the reimbursements, the department will provide the owner or operator with a
detailed written statement of reasons.
(l) The department will agree to termination
of the trust when one of the following applies:
1. An owner or operator substitutes alternate
financial assurance as specified in this section.
2. The department releases the owner or
operator from the requirements of this section in accordance with sub.
(11).
(2) SURETY BOND GUARANTEEING PAYMENT INTO A LONG-TERM CARE TRUST FUND.
(a) An owner or operator may satisfy the
requirements of this section by obtaining a surety bond which conforms to the
requirements of this subsection and submitting the bond to the department. An
owner or operator of a new facility shall submit the bond to the department at
least 60 days before the date on which hazardous waste is first received for
disposal. The bond shall be effective before this initial receipt of hazardous
waste. The surety company issuing the bond shall, at a minimum, be among those
listed as acceptable sureties on federal bonds in Circular 570 of the U.S.
department of the treasury.
(b) The
wording of the surety bond shall be identical to the wording on the department
form specified in s.
NR 664.0151(2).
(c) The owner or operator who uses a surety
bond to satisfy the requirements of this section shall also establish a standby
trust fund. Under the terms of the bond, all payments made shall be deposited
by the surety directly into the standby trust fund in accordance with
instructions from the department. This standby trust fund must meet the
requirements specified in sub. (1), except for all of the following:
1. An originally signed duplicate of the
trust agreement must be submitted to the department with the surety
bond.
2. Until the standby trust
fund is funded pursuant to the requirements of this section, all of the
following are not required:
a. Payments into
the trust fund as specified in sub. (1).
b. Updating of Schedule A of the trust
agreement (see Form 4430-022) to show current post-closure cost
estimates.
c. Annual valuations as
required by the trust agreement.
d.
Notices of nonpayment as required by the trust agreement.
(d) The bond must guarantee that
the owner or operator shall do any of the following:
1. Fund the standby trust fund in an amount
equal to the penal sum of the bond before the beginning of final closure of the
facility.
2. Fund the standby trust
fund in an amount equal to the penal sum within 15 days after an administrative
order to begin final closure issued by the department becomes final or within
15 days after an order to begin final closure is issued.
3. Provide alternate financial assurance as
specified in this section, and obtain the department's written approval of the
assurance provided, within 90 days after receipt by both the owner or operator
and the department of a notice of cancellation of the bond from the
surety.
(e) Under the
terms of the bond, the surety will become liable on the bond obligation when
the owner or operator fails to perform as guaranteed by the bond.
(f) The penal sum of the bond shall be in an
amount at least equal to the current long-term care cost estimate, except as
provided in sub. (9).
(g) Whenever
the current long-term care cost estimate increases to an amount greater than
the penal sum, the owner or operator, within 60 days after the increase, shall
either cause the penal sum to be increased to an amount at least equal to the
current long-term care cost estimate and submit evidence of the increase to the
department, or obtain other financial assurance as specified in this section to
cover the increase. Whenever the current long-term care cost estimate
decreases, the penal sum may be reduced to the amount of the current long-term
care cost estimate following written approval by the department.
(h) Under the terms of the bond, the surety
may cancel the bond by sending notice of cancellation by certified mail to the
owner or operator and to the department. Cancellation may not occur, however,
during the 120 days beginning on the date of receipt of the notice of
cancellation by both the owner or operator and the department, as evidenced by
the return receipts. Not less than 30 days prior to the expiration of the 120
day notice period, the owner shall deliver to the department a replacement bond
or other proof of financial responsibility under this section, in the absence
of which all storage, treatment or disposal operations shall immediately cease
and the bond shall remain in effect as long as any obligation of the owner
remains for long-term care.
(i) The
owner or operator may cancel the bond if the department has given prior written
consent based on the receipt of evidence of alternate financial assurance as
specified in this section.
(3) SURETY BOND GUARANTEEING PERFORMANCE OF LONG-TERM CARE.
(a) An owner or operator may
satisfy the requirements of this section by obtaining a surety bond which
conforms to the requirements of this subsection and submitting the bond to the
department. An owner or operator of a new facility shall submit the bond to the
department at least 60 days before the date on which hazardous waste is first
received for disposal. The bond shall be effective before this initial receipt
of hazardous waste. The surety company issuing the bond shall, at a minimum, be
among those listed as acceptable sureties on federal bonds in Circular 570 of
the U.S. department of the treasury.
(b) The wording of the surety bond shall be
identical to the wording on the department form specified in s.
NR 664.0151(3).
(d) The bond shall guarantee that the owner
or operator will do one of the following:
1.
Perform long-term care in accordance with the long-term care plan and other
requirements of the license for the facility.
2. Provide alternate financial assurance as
specified in this section, and obtain the department's written approval of the
assurance provided, within 90 days of receipt by both the owner or operator and
the department of a notice of cancellation of the bond from the
surety.
(e) Under the
terms of the bond, the surety will become liable on the bond obligation when
the owner or operator fails to perform as guaranteed by the bond. Following a
determination by the department that the owner or operator has failed to
perform long-term care in accordance with the approved long-term care plan and
other license requirements, under the terms of the bond the surety will perform
long-term care in accordance with the long-term care plan and other license
requirements or shall pay the penal sum of the bond to the
department.
(f) The penal sum of
the bond shall be in an amount at least equal to the current long-term care
cost estimate.
(g) Whenever the
current long-term care cost estimate increases to an amount greater than the
penal sum during the operating life of the facility, the owner or operator,
within 60 days after the increase, shall either cause the penal sum to be
increased to an amount at least equal to the current long-term care cost
estimate and submit evidence of the increase to the department, or obtain other
financial assurance as specified in this section. Whenever the current
long-term care cost estimate decreases during the operating life of the
facility, the penal sum may be reduced to the amount of the current long-term
care cost estimate following written approval by the department.
(h) During the period of long-term care, the
department may approve a decrease in the penal sum if the owner or operator
demonstrates to the department that the amount exceeds the remaining cost of
long-term care.
(i) Under the terms
of the bond, the surety may cancel the bond by sending notice of cancellation
by certified mail to the owner or operator and to the department. Cancellation
may not occur, however, during the 120 days beginning on the date of receipt of
the notice of cancellation by both the owner or operator and the department, as
evidenced by the return receipts. Not less than 30 days prior to the expiration
of the 120 day notice period, the owner shall deliver to the department a
replacement bond or other proof of financial responsibility under this section,
in the absence of which all storage, treatment or disposal operations shall
immediately cease and the bond shall remain in effect as long as any obligation
of the owner remains for long-term care.
(j) The owner or operator may cancel the bond
if the department has given prior written consent. The department will provide
written consent when any of the following apply:
1. An owner or operator substitutes alternate
financial assurance as specified in this section.
2. The department releases the owner or
operator from the requirements of this section in accordance with sub.
(11).
(k) The surety
will not be liable for deficiencies in the performance of long-term care by the
owner or operator after the department releases the owner or operator from the
requirements of this section in accordance with sub. (11).
(4) LONG-TERM CARE LETTER OF CREDIT.
(a) An owner or operator may satisfy the
requirements of this section by obtaining an irrevocable letter of credit which
conforms to the requirements of this subsection and submitting the letter to
the department. An owner or operator of a new facility shall submit the letter
of credit to the department at least 60 days before the date on which hazardous
waste is first received for disposal. The letter of credit shall be effective
before this initial receipt of hazardous waste. The issuing institution shall
be an entity which has the authority to issue letters of credit and whose
letter-of-credit operations are regulated and examined by a federal or state
agency.
(b) The wording of the
letter of credit shall be identical to the wording on the department form
specified in s.
NR 664.0151(4).
(d) The letter of credit shall be accompanied
by a letter from the owner or operator referring to the letter of credit by
number, issuing institution and date, and providing the following information:
the EPA identification number, name and address of the facility, and the amount
of funds assured for long-term care of the facility by the letter of
credit.
(e) The letter of credit
shall be irrevocable and issued for a period of at least one year. The letter
of credit shall provide that the expiration date will be automatically extended
for a period of at least one year unless, at least 120 days before the current
expiration date, the issuing institution notifies both the owner or operator
and the department by certified mail of a decision not to extend the expiration
date. Under the terms of the letter of credit, the 120 days will begin on the
date when both the owner or operator and the department have received the
notice, as evidenced by the return receipts.
(f) The letter of credit shall be issued in
an amount at least equal to the current long-term care cost estimate, except as
provided in sub. (9).
(g) Whenever
the current long-term care cost estimate increases to an amount greater than
the amount of the credit during the operating life of the facility, the owner
or operator, within 60 days after the increase, shall either cause the amount
of the credit to be increased so that it at least equals the current long-term
care cost estimate and submit evidence of the increase to the department, or
obtain other financial assurance as specified in this section to cover the
increase. Whenever the current long-term care cost estimate decreases during
the operating life of the facility, the amount of the credit may be reduced to
the amount of the current long-term care cost estimate following written
approval by the department.
(h)
During the period of post-closure care, the department may approve a decrease
in the amount of the letter of credit if the owner or operator demonstrates to
the department that the amount exceeds the remaining cost of long-term
care.
(i) Following a determination
by the department that the owner or operator has failed to perform long-term
care in accordance with the approved long-term care plan and other license
requirements, the department may draw on the letter of credit.
(j) If the owner or operator does not
establish alternate financial assurance as specified in this section and obtain
written approval of the alternate assurance from the department within 90 days
after receipt by both the owner or operator and the department of a notice from
the issuing institution that it has decided not to extend the letter of credit
beyond the current expiration date, the department will draw on the letter of
credit. The department may delay the drawing if the issuing institution grants
an extension of the term of the credit. During the last 30 days of any
extension the department will draw on the letter of credit if the owner or
operator has failed to provide alternate financial assurance as specified in
this section and obtain written approval of the assurance from the
department.
(k) The department will
authorize the release of the letter of credit when any of the following apply:
1. An owner or operator substitutes alternate
financial assurance as specified in this section.
2. The department releases the owner or
operator from the requirements of this section in accordance with sub.
(11).
(5) LONG-TERM CARE INSURANCE.
(a) An owner or
operator may satisfy the requirements of this section by obtaining long-term
care insurance which conforms to the requirements of this subsection and
submitting a certificate of the insurance to the department. An owner or
operator of a new facility shall submit the certificate of insurance to the
department at least 60 days before the date on which hazardous waste is first
received for disposal. The insurance shall be effective before this initial
receipt of hazardous waste. At a minimum, the insurer shall be licensed to
transact the business of insurance, or eligible to provide insurance as an
excess or surplus lines insurer, in one or more states. The department, after
conferring with the Wisconsin insurance commissioner, shall determine the
acceptability of a surplus lines or captive insurance company to provide
coverage for proof of financial responsibility. The department shall ask the
insurance commissioner to provide a financial analysis of the insurer including
a recommendation as to the insurer's ability to provide the required coverage.
The department may require a periodic review of the acceptability of a surplus
lines or captive insurance company.
(b) The wording of the certificate of
insurance shall be identical to the wording on the department form specified in
s.
NR 664.0151(5).
(c) The long-term care insurance policy shall
be issued for a face amount at least equal to the current long-term care cost
estimate, except as provided sub. (9). The term "face amount" means the total
amount the insurer is obligated to pay under the policy. Actual payments by the
insurer will not change the face amount, although the insurer's future
liability will be lowered by the amount of the payments.
(d) The long-term care insurance policy shall
guarantee that funds will be available to provide long-term care of the
facility whenever the long-term care period begins. The policy shall also
guarantee that once long-term care begins, the insurer will be responsible for
paying out funds, up to an amount equal to the face amount of the policy, upon
the direction of the department, to the party or parties as the department
specifies.
(e) An owner or operator
or any other person authorized to conduct long-term care may request
reimbursements for long-term care expenditures by submitting itemized bills to
the department. Within 60 days after receiving bills for long-term care
activities, the department will instruct the insurer to make reimbursements in
those amounts as the department specifies in writing, if the department
determines that the long-term care expenditures are in accordance with the
approved long-term care plan or otherwise justified. If the department does not
instruct the insurer to make the reimbursements, the department will provide
the owner or operator with a detailed written statement of reasons.
(f) The owner or operator shall maintain the
policy in full force and effect until the department consents to termination of
the policy by the owner or operator as specified in par. (k). Failure to pay
the premium, without substitution of alternate financial assurance as specified
in this section, will constitute a significant violation of this chapter,
warranting a remedy as the department deems necessary. The violation will be
deemed to begin upon receipt by the department of a notice of future
cancellation, termination or failure to renew due to nonpayment of the premium,
rather than upon the date of expiration.
(g) Each policy shall contain a provision
allowing assignment of the policy to a successor owner or operator. The
assignment may be conditional upon consent of the insurer, provided the consent
is not unreasonably refused.
(h)
The policy shall provide that the insurer may not cancel, terminate or fail to
renew the policy unless a replacement insurance policy or other proof of
financial responsibility under this section is provided to the department by
the owner or operator. The automatic renewal of the policy shall, at a minimum,
provide the insured with the option of renewal at the face amount of the
expiring policy. If the insurer elects to cancel, terminate or fail to renew
the policy, the insurer shall provide notice by certified mail to the owner or
operator and the department not less than 120 days prior to the proposed
cancellation date. Cancellation, termination or failure to renew may not occur,
however, during the 120 days beginning with the date of receipt of the notice
by both the department and the owner or operator, as evidenced by the return
receipts. Cancellation, termination or failure to renew may not occur and the
policy will remain in full force and effect in the event that on or before the
date of expiration any of the following apply:
1. The department deems the facility
abandoned.
2. The license is
denied, suspended or revoked or a new license is denied.
3. Closure is ordered by the department or a
U.S. district court or other court of competent jurisdiction.
4. The owner or operator is named as debtor
in a voluntary or involuntary bankruptcy proceeding under 11 USC.
5. The premium due is paid.
(i) Whenever the current long-term
care cost estimate increases to an amount greater than the face amount of the
policy during the operating life of the facility, the owner or operator, within
60 days after the increase, shall either cause the face amount to be increased
to an amount at least equal to the current long-term care cost estimate and
submit evidence of the increase to the department, or obtain other financial
assurance as specified in this section to cover the increase. Whenever the
current long-term care cost estimate decreases during the operating life of the
facility, the face amount may be reduced to the amount of the current long-term
care cost estimate following written approval by the department.
(j) Commencing on the date that liability to
make payments pursuant to the policy accrues, the insurer will thereafter
annually increase the face amount of the policy. The increase shall be
equivalent to the face amount of the policy, less any payments made, multiplied
by an amount equivalent to 85% of the most recent investment rate or of the
equivalent coupon-issue yield announced by the U.S. treasury for 26-week
treasury securities.
(k) The
department will give written consent to the owner or operator that the owner or
operator may terminate the insurance policy when any of the following apply:
1. An owner or operator substitutes alternate
financial assurance as specified in this section.
2. The department releases the owner or
operator from the requirements of this section in accordance with sub.
(11).
(6) NET WORTH TEST FOR LONG-TERM CARE.
(a) An owner or
operator of a disposal facility may use the net worth test to provide financial
responsibility if all of the following are met:
1. Only a company that meets the definition
in s.
289.41(1) (b), Stats., may use the net worth method of
providing proof of financial responsibility.
2. The owner shall comply with the net worth
test requirements of s.
289.41(4), (6) and (7), Stats., and the minimum security
requirements of s.
289.41(9),
Stats., whichever are applicable. The updated net worth test information
required under s.
289.41(4),
Stats., shall be submitted annually to the department within 90 days after the
close of the company's fiscal year.
(b) For companies with more than one
facility, the total cost of compliance for all facilities shall be used to
determine the net worth to closure and long-term care cost ratio.
(7) LONG TERM CARE DEPOSIT WITH THE DEPARTMENT. An owner may deposit cash, certificates of deposit or U.S. government securities with the department. The deposit must be accompanied by a signed duplicate original of Form 4430-028 as specified in s. NR 664.0151(14). The amount of the deposit shall be determined according to s. NR 664.0144 and shall be submitted as part of an interim license application or the feasibility and plan of operation report. Cash deposits placed with the department shall be segregated and invested in an interest bearing account. All interest payments shall be accumulated in the account. The department shall have the right to use part or all of the funds to carry out the long-term care requirements of the approved closure plan or the applicable requirements in this section if the owner fails to do so.
(8) LONG TERM CARE ESCROW ACCOUNT.
(a) An owner or operator may satisfy the
requirements of this section by establishing a long-term care escrow account
which conforms to the requirements of this subsection and submitting an
originally signed duplicate of the escrow agreement to the department. An owner
or operator of a new facility shall submit the originally signed duplicate of
the escrow agreement to the department at least 60 days before the date on
which hazardous waste is first received for disposal. The escrow agent shall be
an entity which has the authority to act as an escrow agent and the escrow
account shall be established with a bank or financial institution which is
regulated and examined by a federal or state agency.
(b) The wording of the escrow agreement shall
be identical to the wording on the department form specified in s.
NR 664.0151(6)
(a), and the escrow agreement shall be
accompanied by a formal certification of acknowledgment as specified in s.
NR 664.0151(6)
(b). Schedule A of the escrow agreement shall
be updated within 60 days after a change in the amount of the current long-term
care cost estimate covered by the agreement.
(c) Payments into the escrow account shall be
made annually by the owner or operator over the term of the initial license or
over the remaining operating life of the facility as estimated in the closure
plan, whichever period is shorter. For the purposes of this section, this
period is referred to as the pay-in period." The payments into the long-term
care escrow account shall be made as follows:
1. For a new facility, the first payment
shall be made before the initial receipt of hazardous waste for disposal. A
receipt from the escrow agent for this payment shall be submitted by the owner
or operator to the department before this initial receipt of hazardous waste.
The first payment shall be at least equal to the current long-term care cost
estimate, except as provided in sub. (9), divided by the number of years in the
pay-in period. Subsequent payments shall be made no later than 30 days after
each anniversary date of the first payment. The amount of each subsequent
payment shall be determined by this formula:
where CE is the current long-term care cost estimate, CV is the current value of the escrow account and Y is the number of years remaining in the pay-in period.
2. If
an owner or operator establishes a escrow account as specified in this
subsection, and the value of that escrow account is less than the current
long-term care cost estimate when a license is awarded for the facility, the
amount of the current long-term care cost estimate still to be paid into the
account shall be paid in over the pay-in period as defined in the introduction
to this paragraph. Payments shall continue to be made no later than 30 days
after each anniversary date of the first payment made pursuant to ch. NR 665.
The amount of each payment shall be determined by this formula:
where CE is the current long-term care cost estimate, CV is the current value of the escrow account and Y is the number of years remaining in the pay-in period.
(d) The owner or operator may accelerate
payments into the escrow account or may deposit the full amount of the current
long-term care cost estimate at the time the account is established. However,
the owner or operator shall maintain the value of the account at no less than
the value that the account would have if annual payments were made as specified
in par. (c).
(e) If the owner or
operator establishes a long-term care escrow account after having used one or
more alternate mechanisms specified in this section or in s.
NR 665.0145, the first payment shall be in at least the
amount that the account would contain if the escrow account were established
initially and annual payments made according to specifications of this
subsection and s.
NR 665.0145(7), as applicable.
(f) After the pay-in period is completed,
whenever the current long-term care cost estimate changes during the operating
life of the facility, the owner or operator shall compare the new estimate with
the escrow agent's most recent annual valuation of the escrow account. If the
value of the account is less than the amount of the new estimate, the owner or
operator, within 60 days after the change in the cost estimate, shall either
deposit an amount into the account so that its value after this deposit at
least equals the amount of the current long-term care cost estimate, or obtain
other financial assurance as specified in this section to cover the
difference.
(g) During the
operating life of the facility, if the value of the escrow account is greater
than the total amount of the current long-term care cost estimate, the owner or
operator may submit a written request to the department for release of the
amount in excess of the current long-term care cost estimate.
(h) If an owner or operator substitutes other
financial assurance as specified in this section for all or part of the escrow
account, the owner or operator may submit a written request to the department
for release of the amount in excess of the current long-term care cost estimate
covered by the escrow account.
(i)
Within 60 days after receiving a request from the owner or operator for release
of funds as specified in par. (g) or (h), the department will instruct the
escrow agent to release to the owner or operator funds as the department
specifies in writing.
(j) During
the period of long-term care, the department may approve a release of funds if
the owner or operator demonstrates to the department that the value of the
escrow account exceeds the remaining cost of long-term care.
(k) An owner or operator or any other person
authorized to conduct long-term care may request reimbursements for long-term
care expenditures by submitting itemized bills to the department. Within 60
days after receiving bills for long-term care activities, the department will
instruct the escrow agent to make reimbursements in those amounts as the
department specifies in writing, if the department determines that the
long-term care expenditures are in accordance with the approved long-term care
plan or otherwise justified. If the department does not instruct the escrow
agent to make the reimbursements, the department will provide the owner or
operator with a detailed written statement of reasons.
(l) The department will agree to termination
of the escrow account when one of the following applies:
1. An owner or operator substitutes alternate
financial assurance as specified in this section.
2. The department releases the owner or
operator from the requirements of this section in accordance with sub.
(11).
(9) USE OF MULTIPLE FINANCIAL MECHANISMS. An owner or operator may satisfy the requirements of this section by establishing more than one financial mechanism per facility. These mechanisms are limited to trust funds, surety bonds guaranteeing payment, deposits with the department, escrow accounts, letters of credit and insurance. The mechanisms shall be as specified in subs. (1), (2), (4), (5), (7) and (8) except that it is the combination of mechanisms, rather than the single mechanism, which shall provide financial assurance for an amount at least equal to the current long-term care cost estimate. The department may use any or all of the mechanisms to provide for long-term care of the facility.
(10) USE OF A FINANCIAL MECHANISM FOR MULTIPLE FACILITIES. An owner or operator may use a financial assurance mechanism specified in this section to meet the requirements of this section for more than one facility. Evidence of financial assurance submitted to the department shall include a list showing, for each facility, the EPA identification number, name, address and the amount of funds for long-term care assured by the mechanism. If the facilities covered by the mechanism are in more than one state, identical evidence of financial assurance shall be submitted to and maintained with the state agency regulating hazardous waste or with the appropriate EPA regional administrator if the facility is located in unauthorized states. The amount of funds available through the mechanism shall be no less than the sum of funds that would be available if a separate mechanism had been established and maintained for each facility. In directing funds available through the mechanism for long-term care of any of the facilities covered by the mechanism, the department may direct only the amount of funds designated for that facility, unless the owner or operator agrees to the use of additional funds available under the mechanism.
(11) RELEASE OF THE OWNER OR OPERATOR FROM THE REQUIREMENTS OF THIS SECTION. Within 60 days after receiving certifications from the owner or operator and a qualified professional engineer that the long-term care period has been completed for a hazardous waste disposal unit in accordance with the approved plan, the department will notify the owner or operator that the owner or operator is no longer required to maintain financial assurance for long-term care of that unit, unless the department has reason to believe that long term care has not been in accordance with the approved long-term care plan. The department shall provide the owner or operator with a detailed written statement of any reason to believe that long-term care has not been in accordance with the approved long-term care plan.
The department may consider other financial commitments as allowed by s. 289.41(3)(a)5, Stats.
Disclaimer: These regulations may not be the most recent version. Wisconsin may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
