Section 329IAC16-11-3. Surety bond for closure and cleanup

   An owner, operator, or registrant that chooses to meet the financial assurance requirement of this article through a surety bond shall establish the surety bond for financial assurance in accordance with the following requirements:

(1) The surety bond is established on forms:

(A) provided by the commissioner; or

(B) approved by the commissioner.

(2) All surety bonds must contain the following:

(A) The establishment of penal sums in the amount determined in section 1(b) of this rule.

(B) A provision that, upon notification by the commissioner that the owner, operator, or registrant has failed to close the facility, the surety shall place the total penal sum of the bond into an account as directed by the commissioner.

(C) A provision that the surety may not cancel the bond without first sending notice of cancellation by certified mail to the owner, operator, or registrant and the commissioner at least one hundred twenty (120) days before the effective date of the cancellation.

(D) A provision that the owner, operator, or registrant may not terminate the bond without prior written authorization by the commissioner.

(3) The surety company issuing the bond must be:

(A) among those listed as acceptable sureties for federal bonds in Circular 570 of the United States Department of the Treasury; and

(B) authorized to do business in Indiana.

(4) The surety will not be liable for deficiencies in the performance of closure by the owner, operator, or registrant after the closure certification is submitted to the commissioner.

(Solid Waste Management Division; 329 IAC 16-11-3; filed Jan 23, 2015, 10:34 a.m.: 20150218-IR-329140019FRA)