(1) Owners or operators must maintain evidence of all financial assurance mechanisms used to demonstrate financial responsibility under this subchapter for an underground storage tank until released from the requirements of this subchapter under ARM 17.56.825. An owner or operator must maintain such evidence at the underground storage tank site or the owner's or operator's place of business. Records maintained off-site must be made available upon request of the department.
(2) An owner or operator must maintain the following types of evidence of financial responsibility:
(a) An owner or operator using an assurance mechanism specified in ARM 17.56.807 through 17.56.811, and 17.56.815 or 17.56.816 must maintain a copy of the instrument worded as specified.
(b) An owner or operator using a financial test or guarantee must maintain a copy of the chief financial officer's letter based on year-end financial statements for the most recent completed financial reporting year. Such evidence must be on file no later than 120 days after the close of the financial reporting year.
(c) An owner or operator using a guarantee, surety bond, or letter of credit must maintain a copy of the signed standby trust fund agreement and copies of any amendments to the agreement.
(d) An owner or operator using an insurance policy or risk retention group coverage must maintain a copy of the signed insurance policy or risk retention group coverage policy, with the endorsement or certificate of insurance and any amendments to the agreements.
(e) An owner or operator covered by the Montana petroleum tank release cleanup fund must maintain on file a copy of any evidence of coverage supplied by or required by the state under ARM 17.56.815.
(f) An owner or operator using an assurance mechanism specified in ARM 17.56.807 through 17.56.811, 17.56.815, and 17.56.816 must maintain an updated copy of a certification of financial responsibility worded as follows, except that instructions in brackets are to be replaced with the relevant information and the brackets deleted:
Certification of Financial Responsibility
[Owner or operator] hereby certifies that it is in compliance with the requirements of ARM Title 17, chapter 56, subchapter 8.
The financial assurance mechanism[s] used to demonstrate financial responsibility under ARM Title 17, chapter 56, subchapter 8, is [are] as follows:
[For each mechanism, list the type of mechanism, name of issuer, mechanism number (if applicable), amount of coverage, effective period of coverage and whether the mechanism covers "taking corrective action" and/or "compensating third parties for bodily injury and property damage caused by" either "sudden accidental releases" or "nonsudden accidental releases" or "accidental releases."]
[Signature of owner or operator]
[Name of owner or operator]
[Signature of witness or notary]
[Name of witness or notary]
The owner or operator must update this certification whenever the financial assurance mechanism(s) used to demonstrate financial responsibility change(s).
History: 75-11-505, MCA; IMP, 75-11-505, MCA; NEW, 1989 MAR p. 1912, Eff. 11/23/89; TRANS, from DHES, 1995 MAR p. 2259; AMD, 2007 MAR p. 1189, Eff. 8/24/07.