Viewing an earlier version · effective Jan 25, 2017View current - (a) The regulatory authority must prescribe and furnish forms for filing performance bonds and financial assurances.
- (b) The regulatory authority must prescribe by regulation terms and conditions for performance bonds, financial assurances, and liability insurance policies.
- (c) The regulatory authority must determine the amount of the bond for each area to be bonded, in accordance with § 800.14 of this part. The regulatory authority also must adjust the bond amount as acreage in the permit area is revised or when other relevant conditions change, in accordance with § 800.15 of this part. In addition, the regulatory authority must determine the amount of financial assurance required to ensure long-term treatment of discharges under § 800.18 of this part, monitor trust performance, and require adjustments of the financial assurance as necessary.
- (d) The regulatory authority may accept a self-bond if the requirements of § 800.23 of this part and any additional requirements in the regulatory program are met. However, a state or tribal regulatory program need not authorize the use of self-bonds.
- (e) The regulatory authority must release liability under a bond or financial assurance instrument in accordance with §§ 800.40 through 800.44 of this part.
- (f) If the conditions specified in § 800.50 of this part occur, the regulatory authority must take appropriate action to cause all or part of a bond or financial assurance to be forfeited in accordance with procedures of that section.
- (g) The regulatory authority must require in the permit that adequate bond and financial assurance coverage be in effect at all times. Except as provided in § 800.30(b) of this part, operating without adequate bond or financial assurance is a violation of these rules and the terms and conditions of the permit.