Section 329IAC16-11-5. Insurance for closure and cleanup

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

(1) Provide evidence of insurance on forms:

(A) provided by the commissioner; or

(B) approved by the commissioner.

(2) All insurance must include the following:

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

(B) A provision that, upon written notification to the insurer by the commissioner that the owner, operator, or registrant has failed to perform final closure, the insurer shall make payments:

(i) in any amount, not to exceed the amount insured; and

(ii) to any person authorized by the commissioner.

(C) A provision that the owner, operator, or registrant shall maintain the policy in full force and effect unless the commissioner consents in writing to termination of the policy.

(D) A provision for assignment of the policy to a transferee owner, operator, or registrant.

(E) A provision that the insurer may not cancel, terminate, or fail to renew the policy, except for failure of the owner, operator, or registrant to pay the premium. No cancellation, termination, or failure to renew may occur unless the insurer notifies in writing the commissioner and owner, operator, or registrant at least one hundred twenty (120) days before the event.

(3) In one (1) or more states, including Indiana, the insurer shall either be:

(A) licensed to transact the business of insurance; or

(B) eligible to provide insurance as an excess or surplus lines insurer.

(Solid Waste Management Division; 329 IAC 16-11-5; filed Jan 23, 2015, 10:34 a.m.: 20150218-IR-329140019FRA)

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